Friday, December 17, 2010


EURGBP managed to move higher this week and with the range of .8526 to .8553 it will be an outside week on the weekly chart. It's also managed two higher highs and one higher low between so this is positive. I took partial profits on my long at .8548. Had I been actively trading this week I might have closed it completely and entered a short. Yet today it has managed to push a bit higher. It looks possible that the pair will hit its next resistance at .8598 and possibly beyond at .8638 and .8731. Above that would be bullish—we'll have to see. In the illiquid holiday markets it seems unlikely the pair could gain that kind of traction.

Support is at .8450/30 and .8334 (doji low from 12/3 week)

Here's the daily 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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