I'm still long from .8913. This pair continues to spiral higher with a high this morning of .9730. It's faltering a bit, certainly understandable after its meteoric rise over the past five weeks. As I wrote yesterday, expect stalling around .9750.
A .382 correction would drop it to around .9358 and if that doesn't hold as support then .9331 is just below. After that there's .9092. Only if the pair broke below .9092 would I think the pair might see lows in the .8700 range. However that's probably not going to happen, particularly if gold continues up. I will probably use any correction as an opportunity to add long positions. Meanwhile, there's little evidence the pair isn't still on track to the 2008 .9851 high.
No chart as there's really not that much to show.
© 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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