Wednesday, November 10, 2010

USDCHF—ready to rumble?

Maybe. The much despised USD, hammered on all sides by critics and an administration policy designed to push it down, down, down, seems to be in a rumbling mood this morning. It hit a high of .9752 early this morning, dropped to .9677 (.382 retracement) and started up again, seemingly ready to attempt to regain .9824 and then last week's outside candle high of .9974 . A failure at .9800 will not be good and I'd probably close or at considerably lighten up my longs. I'm long with two positions, one from .9634 and one from .9717.

Here's the three-hour 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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