Friday, March 5, 2010

EURGBP—still in this trade

Yes, believe it or not, I still have a partial position on from Feb. 23 at .8760. If it drops to .9016 it will hit my profit stop and I'll be out. Yesterday, it hit a low of .9017 so it missed my stop by one pip. Amazing how often that has happened the last couple of weeks. With it currently up around 278 pips there's nothing to do but wait to see if it resumes climbing or if it's going to drop.

Like many pairs, EURGBP is hovering, waiting for some clear direction. If it thinks it's going to get it from NFP later this morning, it's nuts but what do you do?

If the pair does break below .9000, .8969 and .8832 are both possible. Resistance is at .9100 and .9150. Support is at .9000, .8969, .8832, and .8760.

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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