Friday, June 4, 2010

USDCAD—nice jump after data release

The USD, after a drop, then bounced on Canadian employment numbers (there wasn't really anything in those numbers to cause this but that's the nature of the beast). I added to my long so I now have two positions—one from 1.0389 and a smaller one from 1.0426. However the pair is running into the 1.0463 area resistance. Let's see what happens.

Here's a 15-minute 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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