My short from .9269 stopped out at – 40 pips. One can make a case for going long because the pair broke above the downtrend line from early April. However I'm going to hold off before doing so. There have been a lot of false signals in the market and it's Friday so I'm winding down for the week.
Resistance is at .9364 and I wouldn't be surprised to see sellers here. Beyond that is 9406 and .9579. (1.21 of 9406-8578=.9579; .9121 is speed line). Support is at .9262, .9250, .9070 (100 SMA), .9039, .9002, and .8927. (.8808 is the point where two speed lines come together from Nov high and 2008 lows).
© 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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