That said, all those layers of support are still holding at .9249, .9200, .9138 (long-term uptrend line), .9070 (100 SMA), .9039, .9002, and .8927. (.8808 is the point where two speed lines come together from Nov high and 2008 lows). Resistance is at .9313, .9364 (although I'd expect sellers here), .9406 and .9579. (1.21 of 9406-8578=.9579; .9121 is speed line).
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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