Friday, March 18, 2011

EURUSD—struggling with resistance

Euro is struggling just below 1.4145. As I noted earlier, there is some good resistance at 1.4165/75 and this is playing out. However, the pair has formed a small ascending triangle (flat top, ascending lower boundary) on the 15-minute chart. It may break through. If it breaks below 1.4109, that may be a hint it can't pull off the move up at this time.

Here's the 15-minute 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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