Thursday, June 3, 2010

USDCAD—Key support held

The pair rallied after it touched key support at 1.0334 although it will be interesting to see how it does as it approaches key resistance at 1.0429. My long from 1.0355 is safely profit-stopped and I just took a little off the table for partial profits of +60 pips.

Resistance is at 1.0429, 1.0573/81 (strong), 1.0610, 1.0719 and 1.0855. Support is at 1.0395/75, 1.0334/27, 1.0283/75, 1.0150, 1.0100 and 1.0045.

© 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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