Monday, November 8, 2010

EURUSD—at resistance

Euro has rallied from the 1.3888 low and is now near the day's highs at 1.3949 (as of 1:25 PM EST). It has failed here twice today. In addition, those who went long at higher prices may be looking for an excuse to get out so expect some problems getting above this level. I have a long from 1.3906 but I've already moved my stop to breakeven.

© 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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