EURUSD—update

I entered a small long position at 1.3626 because it stalled in an area of prior short-term support and I now have a little uptrend line on the hourly chart. This is very short-term analysis so stops have to be very tight. I plan to move the stop to breakeven as quickly as possible. However, the pair must break through the resistance I mentioned in my prior post at the top of the broadening formation.

Here's the one-hour chart now:





















© 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.