I've been profit-stopped out of both my longs (from 1.0389 and 1.0426) for +105 and +67 pips respectively. The long I entered at 1.0586 on Monday was stopped at breakeven.
It's possible a bull flag is forming on the three-hour chart which I've outlined. If so, the pair needs to close above 1.0578. This is a strong area of resistance because of fib confluence and polarity so the pair will have some difficulty, particularly if risk sentiment is more positive. If it does prove to be a flag then the potential minimum target is 1.0850 which is very reasonable. We'll have to wait and see on this one. Here's the three-hour chart:
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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.