Tuesday, November 23, 2010

AUDUSD—near support

Low so far is .9776 which is definitely in the support zone. This zone extends down to .9725. A rally from here, which it's trying to manage, might provide a good short opportunity. If the pair fails at .9725, .9589 is the uptrend line from June which is also close to a weekly EMA.

© 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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