Tuesday, September 21, 2010


I'm still long with two positions—one from .8913 and one from .9386.

The pair has edged up a bit more to a high of .9494 but it's really slow going and questionable at this point if the pair can pull off a return to the 2008 high of .9851. The .9494 is not that much above the potential double top (confirmation for that would be a drop below .9354) and nearby resistance is at the top of the channel at .9557, then .9750. There's some negative divergence in some time frames as well.

Support is at .9408, and .9200 and just below (.382 retracement of the move up from .8770 would be just below the psychological .9200 and near a prior high of .9176).

Here's the three-hour 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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