My long trade from yesterday stopped at breakeven. The pair just dipped to a low of 1.0552 which is below the doji low of 1.0560 from yesterday morning. Below 1.0560, there’s additional support at 1.0530, 1.0461, 1.0408, 1.0394 and 1.0368. I suspect that there may be another move down before the pair turns up again. The pair has broken below its RSI uptrend line and the next thing to watch for is whether it breaks a price uptrend line. Should it head up, there’s obviously significant resistance from 1.0603 to 1.0676 to overcome.
Here’s the hourly 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.