Tuesday, September 14, 2010

GBPUSD—At top of 3-hour triangle

I'm long from 1.5406 and I just took partial profits of +101 pips. The pair has been is in a symmetrical triangle and just shot up to the top of it, reaching 1.5515. There's quite a bit of resistance from here through 1.5535 to 1.5567/84 (.382 of the 1.5598 to 1.5297 move and the 200 daily SMA). If it can break through this then 1.5703 is possible and then the 1.5998 August 6th high. Here it would find major resistance. Support is at 1.5441, 1.5389/84, 1.5346, 1.5297 (strong), 1.5235, and 1.5132.

Here's the three-hour 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.

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