GBPJPY—triangle

My two remaining longs stopped out at breakeven. I just added another one at 137.44. If you look at the 15-minute chart you see the pair is in a small triangle and I'm adding at the bottom. One could set a stop as tight as 137.30 but that's a little too tight for this pair. Still, much below there, I'd consider reversing. As I posted earlier, it's tough resistance for this pair up to 138.96.

Support is at 137.30, 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.

Here's the 15-minute 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.