The rally from .9725 appears to have failed at the 50% retracement point, lending credibility to an argument that the pair could fall to at least the short-term uptrend line at .9750. The .9725 was the doji low on the weekly chart so one could expect it to serve as support if there's a retest. I'm short but will lighten the position as it approaches .9750/25. Should .9725 fail, .9589 is the uptrend line from June which is also close to a weekly EMA.
© 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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