Friday, November 12, 2010

GBPUSD—1.5950 key

I've not posted about Cable this week. As I've mentioned before I can't post about everything I watch and trade because I'd have no time to trade. However, staying above 1.5950 is key right now and it's something I'm watching closely. If it does, it leaves my daily bull flag price projection I wrote about here a couple of weeks ago, intact. However, below that level, I'd start to give more weight to my Elliott Wave counts which show a more bearish picture.

© 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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