Tuesday, September 7, 2010

AUDUSD—Failed at .9178

I'm still long from .8913 and just took partial profits of +222 pips. On the daily chart you can see the upward sloping channel but the pair failed at .9178 yesterday, a lower high than the previous .9222. If AUDUSD has any bullish mojo it needs to get moving above these tops. Support is at .9092, .9067. .8911, and .8872/61.

Here's the daily 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.

No comments:

Post a Comment