Wednesday, February 16, 2011

USDCHF—moving on up

The Swissy found some energy this morning and appears to be making another run for the prior .9784 high that it just missed making on the 11th. Perhaps this time it can overtake it.The bull flag has a target of about .9950 and 1.0148 if you run it off the daily with the flagpole beginning at .9329. Between those two would be resistance at 1.0067. I'm still long from .9444 and added another long position on Monday at .9674.

This is taking place within a general dollar strenthening. Let's see how long it lasts.

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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