I went long at 1.3431 but have already moved my stop to breakeven. I'm having many technical problems with my trading platform this morning so it seemed like the safe thing to do. I also just took some partial profits at +40 pips.
If the pair starts to stumble in this 1.3470/1.3500 area, it may be worth a short if you're not in the market. Otherwise, resistance is at 1.3513, 1.3585/91, and of course, the infamous 1.3692.
© 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.