I'm still short from 1.3075 and have just taken another third of the trade off the table for +176 pips. The pair is headed down again, touching 1.2893. There's a fib projection at 1.2860 so maybe that will hold it. If not, there's always 1.2800. All that intervention from the SNB this past year for this? They might as well have saved their money.
There is positive divergence on the hourly chart so one needs to be careful. But there are divergences all over the place—a sign of a disorganized market and one that will probably straighten out in September after the US holiday.
Here's the hourly 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.