Friday, March 5, 2010

GBPJPY—nice moves

I picked up another long at 134.44 to go with my long from 133.80. I've just taken partial profits on the one from 133.80 for +201 pips. I wouldn't chase it if I wasn't already long but I'll probably continue to buy on dips. Next resistance is 136.45, 136.77, and 137.74.

Here's the three-hour chart:

Copyright 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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