Thursday, July 29, 2010

USDCAD—nearing bottom of coil

USDCAD is still coiling within its daily triangle. Its low this morning (so far) has been 1.0304, getting near to the upward line at 1.0279. I may put in a buy order near there as the stop can be fairly tight. However, it’s worth remembering the pair is being capped by a Fib confluence zone at 1.0399 as well as a round number.

I’ve posted the chart enough that shows the coil so won’t post again.

© 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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