EURGBP—taken off

This pair has taken off. My position from .8760 is up 330 pips as of 6:19AM EST. I just took some partial profits at +323 pips. I closed the second position on Friday +50 pips. (That was dumb in retrospect but I bought this pair three times last week thinking I'd make a hundred pips or so. I'd already made 123 pips on one position and I certainly didn't expect this rise. At least I didn't close both.)

EURGBP's rise seems largely related to the awful shape the pound is in this morning, rather than because of Euro strength. It reached a high of .9095 early this morning. Between here and .9110 is formidable resistance. Should it manage to overcome it (not likely in my opinion), the next resistance is at .9055 and .9154. At this point, I'll just keep moving my stop.

Support is at .9071, .9000, .8967, and .8867.





















© 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.