Wednesday, June 16, 2010

AUDUSD—triangle on short-term chart

Very interesting triangle formation on the shorter-term chart. If the pair can cleanly break above or below (watch for fake-outs), then the direction should be established. Here's a picture of a five-minute chart. (My trades don't show as they were established too far back on such a short-term 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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