EURJPY--rallying

I tried a long earlier this morning at 123.68 and have just taken partial profits at +75 pips. That may be as good as it gets this week and that comment shows I'm losing patience with this market. I always pull back a bit when I find myself getting impatient or irritable. It's understandable today because I have a flu of some sort but then one could ask, why am I trading at all? A very good question.

In any case, EURJPY had retraced .618 and was at a prior support level so that meant my stop could be tight. No doubt this pair's performance will be linked with the general Euro performance.

Support is at 123.79, 123.68, 122.99, 121.41 and 121.06. Resistance is at 124.54, 126.16, and 127.94.

Here's the hourly 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.