Wednesday, January 12, 2011


Aussie did bounce yesterday in line with my analysis. I bought yesterday morning at .9859 and my stop is now just better than breakeven. Price is again above the daily uptrend line so it's possible the move below was a fake-out, especially given good RSI readings (never dropped below the low 40s during the price decline).

The pair has reached a high of .9933 so far today so it's just under strong resistance at .9982. Additional resistance is at 1.0030/56, 1.0183 and 1.0214. Support is at .9821, .9690, .9612 and .9544/32.

© 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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