Thursday, February 3, 2011

USDCHF—possibly basing

On the three-hour chart, the Swissy had three candles with lows from .9329 to .9333 yesterday. Since this is higher than the prior lows of .9323 on Jan. 3 and .9301 on 12/31, perhaps the pair really is trying to base. Whether it will be successful at that or not is a separate question. The pair needs to climb above .9783 which is quite a ways off—the high so far today is a spike to .9525. As I wrote yesterday, with the monthly triangle break down hanging over it, things don't look great. Still, there might be a run t .9600 or so. Support is at .9323, .9301 and a speed line at .9278. Below that is tohu-bohu.

© 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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