GBPUSD—15-minute pennant

The pair has formed a pennant on the 15-minute chart which, if it breaks above, should result in the pair achieving a minimum price target of 1.4928. That gets it much closer to the top of the channel I blogged about in my last post. Notice this steep ascent, though.

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.