Tuesday, August 10, 2010

EURUSD—Positive divergence on hourly chart

There is positive divergence developing on the hourly chart as EURUSD attempts basing at 1.0375. The same is true on the 15-minute. A bounce is possible. However anyone inclined to go long must keep a tight stop that might be taken out in the brouhaha over the Fed policy statement this afternoon. See the prior post for support and resistance. 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.

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