Friday, March 19, 2010

GBPJPY—trying to find support

GBPJPY is trying to find support at 136.84, its low for the last three hours. Should this not hold, there will be stronger support just below from 136.20 to 136.50. My short from 137.96 is profit stopped and I just took some partial profits at +90 pips.

RSI is beginning to be oversold on the hourly chart which has created some negative divergence. Should it continue to drop support is at 136.50, 136.20, 136.00, 135.52/45, 135.19, and 134. Resistance is at 137.50, 137.75, 137.95, 138.42, and 139.37.

© 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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