Thursday, January 13, 2011

EURUSD—nice rally

My short was taken out in the rally yesterday for +90 pips.

It has sailed through resistance since then, easily overcoming resistance at 1.3225 and it has pushed above 1.3300 this morning. Trichet is speaking and he is such a calming influence, right?

Overall weakness is still present so at some point there's another short trade. Let's see if it can close above 1.33 at the end of the day in the NorAm market. If it can do so, expect a retest of 1.3434 or possibly 1.3498 (but I don't think the latter is likely).

Support is at 1.3220, 1.3145, 1.3089, 1.2962, and 1.2806.

© 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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