Monday, January 24, 2011

USDCHF—taking a beating

It looks as though even though USDCHF had a potentially bullish week last week with a longish lower shadow and even though there was a bull flag on the daily chart that targeted 1.0388, the pair is getting beaten up this morning. .9486 was the .618 retracement of the move up to .9784 and the low this morning so far is .9473.

Closing below .9432/19 threatens a return to .9300 and brings back into play price targets for additional lows.

© 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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