Thursday, March 24, 2011

GBPUSD—broke candle low

The low so far is 1.6092 after a rally to slightly less than the .382 retracement of the move down from yesterday. The last completed hourly candle closed below the hammer low of 1.6136. This is bearish. If the pair retests the candle low of 1.6136 I may add to my short position.

© Dianne Fecteau, 2011. 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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