Tuesday, November 2, 2010

EURJPY—possible evening star

I'm long in this pair from 112.00 but there's a potential evening star forming on the hourly chart. Since it's near resistance this is ominous if it happens. As a result I just took partial profits at +117 pips. The current hourly candle needs to close near its low for this pattern to be confirmed. If it clears above the top, look for higher highs, possibly to 114.66/75 and beyond.

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.

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