GBPUSD Trade

Now that the hullabaloo has ended for the afternoon, the resistance point for GBPUSD proved to be a good level to short as I wrote earlier this morning. The high this morning was 1.6244 and I shorted at 1.6236. I hope you had a chance to do so as well. I took partial profits at 1.6176 for + 60 pips and my stop is now a profit stop. The pair is currently at 1.6161 (4:37 PM EST) and has started coiling inside a symmetrical triangle. Definitely time to quit for the day but here’s a picture of three-hour chart:



© 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.