While I'm still long from .9634 which has been hovering around 100 pips profit this morning, it's difficult to ignore that on the daily chart this has the look of a three-wave correction with wave c in progress. That would mean higher prices but the .618 of the move down from 9972 is at .9809 which is just above the short-term downtrend line so that may provide resistance. Then again, five wave moves begin with three wave moves. Unless there's a definitive move below .9548, I sense there is more room for price to move up in this pair. But my weekend analysis will give me a better picture. More Monday.
© 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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