GBPJPY—rally

GBPJPY has rallied to a high so far today of 131.52 where it looks as though it's undergoing a small correction within its overall corrective rectangle. I'm still long from 129.35.

I expect stronger resistance at the top of the corrective channel at 132.10 as there is also some former price resistance coming in there. 133.39 would be next after that. Support should hold at 130.13 if it gets that low. I'll probably add to my position if it drops to 130.88/68

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.