Wednesday, June 2, 2010

AUDUSD—at support but weak

The remainder of my long from .8327 profit-stopped out at +15 pips.

I'm watching the hourly chart closely. It's at support but there is also downward pressure on the pair which is partly represented by the descending triangle. If it can hold this support (not drop below .8276) a long might be justified.
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.

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