I took another long yesterday at 1.0391. I set my profit target at 1.0460 (near the first serious resistance) and I didn't review it first thing this morning since first, I slept late for me and second, I had a meeting to attend. So there it profit-stopped out for +69 pips. I immediately entered another long at 1.0466 and that one is stopped just better than breakeven.
So the pair managed to base at 1.0348. With a high so far of 1.0528, it has overcome its first resistance level. However the more formidable 1.0560 to 1.0675 resistance zone is just ahead so let's see what happens there. Support is at 1.0475, 1.0348/38 and 1.0228/17.
Here's the three-hour chart showing the current very bullish looking candle:
© 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.