Wednesday, March 24, 2010

USDCAD—trying to break out

This pair has been a bit meandering the last couple of days. Yesterday was technically an inside day (where high and low is contained in the price range of the prior day) and this can hint at indecision.
I am still in my long from last Friday when I entered at 1.0115.

USDCAD is currently trying to break up from a small triangle. It has reached a high of 1.0236 and is back at the breakout point of 1.0218. Let's see how it does.

Resistance is at 1.0243, 1.0322, and 1.0443. Support is at 1.0191, 1.0152/44 and 1.0098.

Here's the three-hour chart:

© Dianne Fecteau, 2010. No part of this material may be reproduced in any form, or referred to in any other publication, without the express written permission of the author.

My purpose in writing this blog is to show you how one trader, me, makes trading decisions and survives while trading Forex. One of the biggest problems I had when I first started trading was trying to apply the “rules” to actual trades. Another was the psychology—limiting losses and letting profits run. If you study my blog, you’ll see how I deal with both those issues. So my writings are not trade recommendations but rather educational in purpose. You have to decide on your own approach to trading. Remember that trading is risky.

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