EURGBP—correcting

EURGBP looks corrective and I expect it may get up to .8552/95 before it heads down again. This would be near a fib confluence and would complete a corrective C wave. I've gone long at .8392. The low of .8361 should hold for there to be an expectation of further moves up within the channel on the 3-hour chart. Below that is support at .8204, .8068 and .7856.

If it does get to those highs then I plan to reverse.

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.