Wednesday, March 31, 2010

GBPJPY—nearing a channel top

GBPJPY is working its way up to 142.35 (high so far is 142.03) which is the top of an expanding channel. This is near a fib retracement level and polarity. It's also a 33% retracement of the range from the August high of 163.10 and the 132.02 low. I know any readers must think I do nothing but calculate retracement levels, lol. Actually, you're right. There is also some bearish divergence on the 1- and 3-hour charts.

Support is at 140.71, 140.26, 139.58. 138.95 and 138.03. Resistance is 142.35, 142.64, and 143.65.

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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