Wednesday, August 4, 2010


After reaching a high of 1.3262 yesterday, Euro has fallen off to a low so far this morning of 1.3154. So it's either retesting that 1.3150 level or the .382 retracement level of 1.3125 or it's finally backing off from a C wave high and resuming its downtrend. Prices over the next hour or so should tell the story. I'm still long from 1.3116 but my stop is close by.

Resistance is 1.3262, 1.3300, 1.3355 and 1.3433 and 1.3525 (50% retracement of wave one down from November highs). Support is 1.3125 (.382 retracement of move down from Nov high), 1.3000, 1.2981/50, and 1.2877.

I'll post a chart later after watching it for a bit longer.

© 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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