Much as I hate going short on AUDUSD (it's such a strong beast), I did so at .9755 as it retested its broken trend line and then seemed to falter. Obviously the stop is tight. However the pair has had a good run up and is overdue for a correction. There have been signs of overextension. With China raising its interest rate this may dampen things a bit for the Australian dollar. If the pair doesn't break the .9777 low, I may stop and reverse.
© 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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