I don’t have time to blog in depth about this pair this morning but my long position from 1.5862 took profits when it touched 1.60 earlier for +138 pips. Had I been paying closer attention I might have moved the take profit target but I wasn't and I didn’t. However, I think this pair, too, is due for a correction. Let's see what happens. Its high this morning was 1.6018 before it fell back; it may make another try. If it overcomes this price then it may indeed be on target for 1.6458, 1.6878, and 1.7000. Support is at 1.5840, 1.5750, 1.5680/70, and 1.5504. Below that would probably mean the overall downtrend was resuming but there will be signs before it gets there.
© 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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