Friday, October 1, 2010

AUDUSD—near resistance

I'm still long from .8913.

Price is approaching prior resistance at .9734. Lots of traders are out there still waiting for it to return to its 2008 .9851 high. Looking at a graph of my brokers open orders it's clear that many are expecting a fall as well. It's considerably overbought and anyone not already long at this point needs to wait for a welcome correction. Support is at .9625, .9560, .9423, and .9358.

No chart as not much has changed.

© 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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