Thursday, January 21, 2010

GBPCHF—climbing again

GBPCHF is rising again in step with the pound improving. My short is out at breakeven. The reaction was a trifle, dropping a mere 139 pips to a low of 1.6898. Compare this to the 722 pips it gained since the January 10 low of 1.6315. It looks like it was just enough to relieve the overbought before going on to rise some more. A break of 7037 might be positive for a long although I’d assess price action carefully here before doing so. A definitive break below 1.6880 might augur well for a short. Maybe this; maybe that. This is a watch and wait pair at the moment.

© 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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