Monday, February 7, 2011

EURUSD—three-hour chart

On the shorter-term 3-hour chart, one can trace five waves down and the a and b of an abc correction. If this interpretation is correct, then c is starting which could carry it near the top of the downward channel (1.3670 or thereabouts). I bought at 1.3517. As long as 1.3485 holds, this seems reasonable.

Here's the three-hour chart:

© Dianne Fecteau, 2011. 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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