Yesterday I bought this pair at .9269. It had a nice rise overnight but we'll have to see what happens as NorAm wakes up and weighs in. It's more than possible that some big organization in the USA, i.e. how do you spell central bank here, will beat the dollar down again as soon as it sees that it has rallied.
On the hourly chart (not shown), there's a completed evening star formation. The same thing could be in the process of forming on this chart. If so, support is at .9300 (.382 and prior price low), .9285, and .9269. The latter is the .618 of the recent move up and near where I bought but I've moved my stop to breakeven so I'd be out.
Resistance is at .9360, just above the recent high and at the top of the rectangle and near a speed line. After that it's at .9506, .9586 and .9650.
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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