Euro has traded in a tight band from 1.3855 to 1.3781 in the last 24 hours. Many times when pairs keep trading in a narrow range under resistance they do break above it. It's as though they're accumulating energy for the charge. I did make a small buy at the lower level of the range with a very tight stop. Now it's a matter of waiting to wait to see what happens.
© 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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I guess nothing big is gonna happen til the European summit on the 25th-26th of March. The question is, take a risk and hope the Euro will go down as the leaders of EU struggle to find common ground or trade now at aprox. 1.38, i personally will wait and hope and pray
ReplyDeleteI'm not sure for what it is you're hoping and praying. Fundamentals or what people say at meetings are not my basis for trading. I trade based on technical movements on the charts.
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