EURUSD—nice slide

Euro touched a low of 1.2604 so far this morning. That's a nice little slide that took it below several moving averages, an uptrend line and is about 50% of the most recent rally. It may try to base here to attempt an upward correction. It's doubtful that it will get above 1.2773 which was the 19 Aug. low and near the daily 10 SMA of 1.2777. I never did find a way to short a rally yesterday so I shorted the failure at 1.2684 getting in at 1.2656. The trade has no risk with the stop at just better than breakeven but it may be taken out and, if so, I'll probably re-enter. Anywhere from 1.2730 to 1.2777 is a possible short but of course the lower the price the wider the stop will have to be.

Here's the three-hour 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.










© 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.

EURUSD—nice slide

Euro touched a low of 1.2604 so far this morning. That's a nice little slide that took it below several moving averages, an uptrend line and is about 50% of the most recent rally. It may try to base here to attempt an upward correction. It's doubtful that will get above 1.2773 which was the 19 Aug. low and near the daily 10 SMA of 1.2777. I never did find a way to short a rally yesterday so I shorted the failure at 1.2684 getting in at 1.2656. The trade has no risk with the stop at just better than breakeven but it may be taken out and, if so, I'll probably re-enter.

Here's the three-hour chart: