Price action is heating up now that the Euro has touched a high of 1.2354. It has certainly stopped out some trader's short positions in its little rally but the high has probably brought in new shorts so there may be something of a standstill here. I tried a short at 1.2321 with a very tight stop so let's see what shakes out. If the pair can get through the short-term downtrend line and other resistance, it may be worth stopping and reversing.
© 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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