Positions—update

My short from.8701 is profit-stopped and I took partial profits at +94 pips. It's near a strong support area right now.

GBPUSD finally dropped a bit. Before it did so, it took out my short from 1.5007 at breakeven. I shorted again at 1.4939. I took partial profits at +60 pips. I have a sell order in place if it bounces back up again but with a very tight stop. On the hourly chart it looks suspiciously as though it's an ABC correction with the C leg in play. This pair has been a challenge this week but unless it definitively clears 1.5012, I think it could still head lower.

I'm also short EURGBP and long USDCHF. I'll analyze them on Monday. I have an order in for Euro.

© 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.