Thursday, February 25, 2010

GBPUSD—broke 50% support

This pair never got above Tuesday's high of 1.5576 so that was the bounce off the 1.5348 low. It's now down to a low of 1.5245 after trying to hammer out a low at 1.5272. It may climb back to 1.5272 which would be a nice shorting point. 1.5345 would be even better. 1.5299 was the 50% Fibo level of the 2009 rise and a break of that is significant.

Support is at 1.5127 and 1.5036. Below the psychological 1.50, you could see 1.4763, the long=term daily uptrend line.



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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