Thursday, March 4, 2010

EURUSD—unclear

My long yesterday at 1.3626, profit stopped out overnight at 1.3678 for +52 pips. I've tried another small long at 1.3663 but there are mixed signals at the moment. They'll clear up eventually. Meanwhile, my stop is tight and I'm moving it to breakeven as soon as possible.

The headwinds are stiff. Yesterday, it reached 1.3736 before falling back in apparent dismay to find itself up there. By doing this it managed to peek above the 21 EMA on the daily chart and it actually closed above the 13 EMA. Bravo. Now, even though it's still above the 13 EMA, it's finding it tough going to get through the resistance in the 1.3685/97 area. If it fails here, then, back to the 1.34's it may go.

Resistance is at 1.3685/97, 1.3788, 1.3839, 1.4026 and 1.4116. Support is at 1.3623/34, 1.3583, 1.3512, and 1.3435.

Here's the 15-minute chart since it best shows the small channel within which poor Euro is struggling:




















© Dianne Fecteau, 2010. 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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2 comments:

  1. managed forexMarch 4, 2010 at 9:42 AM

    This is very good introduction information.Forex is a great market to make money,but is not easy so 95% of traders loose so you have to be careful since only few make money.And the best is to use a successful manager to trade your account.

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  2. AnonymousMarch 5, 2010 at 4:59 AM

    Thanks for the compliment. I absolutely agree it's not so easy to make money. However as my gains show, one can do it with hard work and iron-clad discipline following classical technical analysis techniques. Where I disagree with you is where you say to use a successful manager. First, they're not that easy to find. Most of the ones touting that they are that have nothing to back them up. Second, if you're willing to put in the work, you can do it yourself and nobody is going to care more about your money than you are. Thanks for reading. Dianne

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