Yesterday's low of.9269 held for a slight rally in the pair up to .9363 so far today. This was near the prior high of .9369 so of course it's stumbling. While the dollar is stronger, the headwinds are formidable.
I did go long again at .9302 with my stop at breakeven. As I wrote yesterday, while the potential loss was 100 pips and that only a high of .9506 offered a decent 2:1 risk reward ratio, my plan was to move my stop to breakeven stop with a move of 30 pips.
Resistance is at .9363, .9506, .9586 and .9650. Support is at .9300, .9269, .9224 and .9202.
© 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.