Friday, March 19, 2010

GBPUSD—at strong support

One would sort of expect the pair would bounce a bit soon. The pair has touched a low of 1.4997 and 1.4978 is the bottom of this support zone. I've taken some partial profits at +129 pips. Next support levels after 1.4978 is 1.4949, 1.4873/55 and 1.4785. Resistance is 1.5128 and 1.5161 and then 1.5276.

© 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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