Friday, February 26, 2010

GBPUSD—still weak

Despite its little rally where it went to a high of 1.5323 (not quite reaching my 1.5345 entry point), this pair is weak and looks as though it may resume its drop. I may try to short if it reaches its short-term uptrend line it just dropped through, around 1.5250.

1.5299 was the 50% Fibo level of the 2009 rise and the break yesterday was significant. It didn't get very far above that before turning down again.

Support is 1.5242, 1.5189, 1.5127 and 1.5036. Below the psychological 1.50, you could see 1.4763, the long-term daily uptrend line. Resistance is 1.5272, 1.5323, 1.5348, and 1.5430

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.

No comments:

Post a Comment