My short from 1.3731 stopped out at 1.3780. (-49 pips). Euro probed 1.3804 before falling back to a low of 1.3667 this morning. It's tempting to say I should have had a higher stop since I wrote it could move into the 1.38 level but that was too much risk.
Not much has changed since I blogged on Friday. I said then that there was a risk for a move to the 1.3860 level and that's still a possibility. From a bearish point of view, I don't like the way prices are holding with dropping RSI on the hourly chart. It definitely doesn't want to fall which means that the bulls and bears are locked in battle because there are many who want/expect it to fall. The pair is at tough resistance (price and fib retracement) and from any reasonable EW point of view we're at the end of a correction.
My tendency is to short but we'll see. The chart will be clearer as we go along.
No chart until there's something more definitive 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.
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment