Wednesday, April 13, 2011

USDJPY—immediate support and resistance

On the daily and hourly time charts, immediate resistance is a zone of 84.20/77, 85.16 and 85.52. Immediate support is at 83.47, 82.56, and 80.71. On the hourly chart, there is a symmetrical triangle with a possible next leg down to a D point at 83.55 before a move up to point E from the Elliott perspective (whereupon it should move down sharply). One can also view the recent hourly price action from 83.47 as an ABC correction with possible C targets of 84.10/84.47/85.06. After that it should move down. Recent high has been 84.26.

© 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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