Thursday, March 25, 2010

GBPJPY—high of 138.12

I added long positions at 137.43 and 137.45. I just closed the 137.43 one for +50 pips and the stops on the other two are at breakeven. Having made it to 138.12, the pair is battling tough resistance up to 138.96.

Support is at 137.97, 137.35, 136.92, 136.55, 135.19, 134.53 (strong), 133.93, and 132.03. Resistance is at 138.12, 138.52/61, 138.96 (strong), 139.58 (strong), 140.57, and 142.64.

© 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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