I took partial profits at +70 pips. It's nearing the moving average resistance so what it does here will perhaps give some direction.
© 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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Dianne, Thanks for putting together this excellent traders blog. I'm finding very useful in my effort to learn about TA in the FX world.
ReplyDeleteQuestion; I notice that you use trend lines in your RSI and I can now see the benefits of this. Have you tried using Fibs (retracement and extension) in RSI analysis? I'm currently experimenting with fibs on RSI and receiving some encouraging results. What do you think?
Dianne, Thanks for putting together this excellent traders blog. I'm finding very useful in my effort to learn about TA in the FX world.
ReplyDeleteQuestion; I notice that you use trend lines in your RSI and I can now see the benefits of this. Have you tried using Fibs (retracement and extension) in RSI analysis? I'm currently experimenting with fibs on RSI and receiving some encouraging results. What do you think?
Thanks
Grant(Bangkok)
Hi Grant and thank you for reading. I do sometimes use Fibs on RSI. Sometimes it provides some interesting insights as you point out. If you haven't already done so, read Connie Brown's Techncial Analysis for the Trading Professional. She does quite insightful things with RSI.
ReplyDeleteDianne