Tuesday, August 3, 2010

USDCAD—dithering about

Now that the USDCAD broke below its coiling triangle, it's dithering about in a tight 1.0218 to 1.0256 tight range. I went short at 1.0239 and I have a really tight stop and will not be adverse to reversing if need be. There is some slight positive divergence on the shorter term charts. I won't include a new chart in this post since there is little to add since the prior one.

© 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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