Thursday, November 18, 2010

EURUSD—1.3667 key

I don't have a lot of time for blogging this morning but Euro is worth watching as it has rallied up to 1.3667. This is strong resistance. If it makes it through here then 1.3825/85 may be next. However, I'm looking for signs of weakness to short. Watch momentum on the short-term chart, particularly hourly. There's nearby support at 1.36 and if it fails there then next support is at 1.3447. A break of that would be cheery for short positions.

© 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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