Friday, April 16, 2010

USDCHF—still at resistance

1.0630 is the high so far today. As has been true the last few days, moving averages are proving to be resistance. The 10- and 21-day SMA are both around 1.0627. A short here could have a tight stop. If it can cleanly close above these then one would probably want to try a long for a potential target of 1.0763. The 100 SMA is still serving as support, currently at 1.0567.

Here's the daily 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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