Monday, May 10, 2010


The remainder of my long from 1.0135 stopped out for +137 pips in the correction that has taken place down to a low of 1.0210 so far today. I wouldn't be surprised to see it drop to 1.0179 which is the top of the triangle it broke upwards from last week but we'll see—it seems to be trying to find support here. Watching momentum behavior is important. I entered a long at 1.0256.

Additional support is at 1.0092 (the uptrend line), 1.0012, and .9930. Resistance is at 1.0393, 1.0470, 1.0571, 1.0681, and 1.0745.

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.

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