EURGBP—near resistance

My long position got taken out in the little dip yesterday at +5 pips. I might have gotten back in had I been watching but I wasn't and it's certainly not the time to do so now. At this point, anyone wanting to go long would want to wait for a clear break of .9150 or a pullback, possibly to .9105. The pair looks reasonably strong but I want to see the price action around .9150 to .9180. The latter is just beyond some near-term calculated price targets so it might be an interesting area to consider a short.

Support is at .9100, .9070, .9047, and .8982. Resistance is at ..9150/55, .9200, and .9240.






















© 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.