My long from 82.73 stopped out at -40 pips. Price action has carried down such that it's back inside the breakout above the resistance down trend line from July of last year and is approaching the downtrend line from June at 81.40. This is also near the uptrend line of the roughly sideways or triangle action that has been containing price action since the beginning of November. Let's see what price does there.
Support is at 81.40/35, 81.12, 80.94 and 80.31.
© 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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