EURUSD—the stampede continues

I still have part of my short from 1.3034 in play. My short from 1.2876 profit-stopped out at 1.2785 for +91 pips (where it then of course turned right back down but that's the breaks). I have entered another short at 1.2708 which is in profit.

The low yesterday was 1.2516 and it looks as though it may be headed back there in some sort of kneejerk, the sky is ending, Eurozone is falling apart, type of scenario. Support is at 1.2605, 1.2516, 1.2460, 1.2425, and 1.2390. Look for resistance at 1.2798, 1.2857, 1.2905 and 1.2996.

Here's a 3-hour chart that shows the stampede:












© 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.