Euro took quite a tumble this past hour. However, it has now found support three times within the past 47 hours between 1.3451 and 1.3462. This is not a coincidence—there's something about that price that is meaningful. What, we don't know, but is it possible somebody big has an options barrier there? Regardless, below 1.3450 would be bad for the bulls. Another thing to note on the hourly chart is the expanding range with three higher highs. The potential butterfly pattern I wrote about earlier for this time frame is dead.
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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.