EURUSD—choppy

Choppy price action has probably set some teeth on edge but the pair is nothing if not bearish. I'm still short from 1.2321 where I took partial profits at +132 pips since there's quite a bit of chop in the pair as it nears some long term support and seems to try to be basing after its low of 1.2176 this morning. I added a short position late yesterday at 1.2232 which is at breakeven.

Resistance is at 1.2274, 1.2334/43, 93, 1.2453, 1.2574/99, 1.2670, 1.2740 and 1.2803. Support is at 1.2176, 1.2132 (50% of Euro's lifetime high/low or 1.6038/.8225), 1.2111, 1.20000 (psychological), 1.1826, 1.1641 and 1.1432.

Here's the one-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.