Tuesday, December 8, 2009

GBPCHF—out of trade

1.6785 was the magic resistance number as I wrote last week and price has declined since then. It took me out at my profit stop of 1.6618 (just barely nipped it before turning back up) In any case, I took a bit more off the table yesterday evening at +200 pips and the remainder was at + 50 pips (bought at 1.6568; took partial profits at 80 and 200 pips—see 12/4 blog posts).

© Dianne Fecteau, 2009. 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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