Wednesday, October 13, 2010

EURGBP—moving towards resistance

The pair is marching towards .8889 which is .618 of the move down from the October .9412 high and of course near the psychological 9000. The pair will probably falter here so a short may be in order with targets back to support at .8850, .8800 and then the key .8531 which should serve as support and would be an attractive long.

© 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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