The low so far this morning has been 1.4746. As I wrote yesterday, above 1.4720/50 things look cautiously positive and one might try a long at these prices. 1.4721 was the low of a doji on the three-hour chart Monday. Tight stops are mandatory. Should it continue to drop then it will most likely stay above the 1.4476 doji low from last Friday and a long could be tried there with a tight stop. Below 1.4389/67 (50% of long daily bars on 1/30 and 3/19/09) is tohu bohu.
Here's the three-hour chart:
© 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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