Tuesday, February 23, 2010

EURGBP—possible short

I went long in this pair several days ago and am obviously in profit but the pair has failed to break through resistance at .8836/42 and may be heading back to its short-term uptrend line. Support is at .8742/56 so a clear break of that could make for a nice short. I'll be profit stopped out at .8750 so I may reverse. Support is at .8683 (the uptrend line) where I'd try another long.

Here's the 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.

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