AUDUSD—Update

It looks as though there's going to be another challenge at the .9750 level. The pair has bounced vigorously on the hourly chart and the top of the channel is .9790. My new long is from .9603. I was persuaded by the fact that the .9542 low was 50% of the move from .9331 to .9750. However, I don't think this is a done deal by any means and I'm taking partial profits at +95 pips.

Here's the hourly 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.