Monday, December 13, 2010


The low of the doji from the week ending Dec. 3 (.8334) must hold or the pair is definitely on its way down. Below that is support at .8204, .8068 and .7856. Note on the weekly chart below how steep the angle of descent is—it's not likely that will continue without some sort of correction upwards. If it does reverse upwards, resistance is at .8514, .8549, and .8598.

Here's the weekly 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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