GBPJPY—update

I took some partial profits as the pair is nearing the uptrend line on the hourly chart for +118 pips. As you can see on the chart, I also established some new shorts. I've moved the stop to breakeven so I may lose them but the pressure is downward for now. However if it bounces from the uptrend line this may change.

Here's the hourly 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.