Damned if USDCHF did not find a new low at .8651, not too far below the prior low. Is it a retest of the low before a rally? Could be, but don't bet the bank on it. Price did not complete the symmetrical triangle I wrote about yesterday before breaking below—this indicates weakness and a potential price of .8537.
© 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.