Thursday, June 3, 2010

USD Index—Weekly

For the last three days the index has had trouble with the 87.45 area but if it clears this then it will be on track to reach the downtrend line at 88.70 that I blogged about on May 6th. On the daily chart (not shown) there's a bullish pennant that, if it pans out, could get the index to 93. However it will be interesting to watch to see if this week's close tomorrow results in a doji. If so, and if then next week's candle closes deep within last week's up candle, this would complete an evening star formation.

Here's the weekly 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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