Euro touched 1.4206 but in doing so formed a hammer on the 15-minute chart with positive divergence. I think it can get lower—at least to 1.4155 (the daily 100-SMA) and maybe 1.4096 but it is probably time to take some profits. I have two short positions—one from 1.4581 and one from 1.4447.
© Dianne Fecteau, 2011. 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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Great call on the EU and great trade. I was travelling and despite a strong urge to go short near 1.45 (actually had an alert set for 1.4495), I did not enter the market and missed this move. Well, wait for the next opportunity! Love following your analyses.
ReplyDeleteKen
True, that there is always another opportunity.
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