EURJPY—took profit

My long from last week from 123.68 hit its profit target on Friday while I was away from trading. That target was 125.51 for +183 pips. The pair has continued to followed Euro's rise, reaching a high of 127.46 this morning. The pair could be playing out a flat correction that shouldn't exceed 127.94 before reversing. It could be worth taking a small long on a pullback but with very tight stops.

Support is at 126.42, 125.46, 126.15, 124.62, 123.44, 122.33 (short-term uptrend line from February), 121.41 and 121.06. Resistance is at 127.49 and 127.94. Beyond that it could achieve 129.82.

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.