Monday, April 12, 2010

AUDUSD—took profit

My long from .9264 hit its profit target at .9335 on Friday for +71 pips. Normally, I'd have moved the target but I didn't trade Friday.

A look at the weekly chart shows that it reached .9347 on Friday which surpassed the prior two highs. It also broke through the daily downtrend line. Yesterday, it reached a high of .9383. Now the question is whether it can reach .9406 which was the November high. It's fallen back from the .9383 high.

Support is at .9330, .9289, .9266, .9242, .9229, .9202 (strong), .9166 and .9131. Resistance is at .9406 and .9427. If it somehow clears that then look out. It may eventually achieve its 2008 high of .9851. But clearing .9406 will be tough.

Here's the weekly 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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