Thursday, June 10, 2010

AUDUSD—near resistance

I still have one long position from .8175.

The pair has climbed to a high of .8443 this morning but has fallen back some from here to a low, so far, of .8409. I think there may be another push up as long as momentum holds. However, as I wrote yesterday, there is serious resistance at .8495 and the pair may be hesitating here because sellers are already piling in—most traders are impatient about waiting for support or resistance. Because of this I took some partial profits at +250 pips. If it can cleanly break above .8500, I'll probably add a small position. .8551 will confirm the double bottom.

Resistance is at .8443, .8495, .8523/35 and .8595. Support is at .8356, .8258, .8195, .8133, .8082 and .8067.

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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