GBPJPY—rebuffed again

Since Monday, this pair has been rebuffed three times at 135.20/22. It may be trapped in a bit of a range, with the bottom being at 133.92. This was the top of the early March range as well. It won't stay here forever.

I'm still short from 136.10. A solid break above the 135.20 will take me out and then I will need to decide whether to jump back in with a long. Otherwise, I expect it may dip a bit before trying again.

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.