Hi everyone, as mentioned before, I am new to trading and just trying to apply everything I learn so please do not trade based on these "ideas".
So I've been watching this uptrend on the Canadian Dollar against the Japanese Yen. Since I am just an amateur trader, I entered this trend too late. But I am trying to catch at least the last bit of it, just a short and quick scalp. On the hourly charts I noticed that the RSI was well above 70. I knew the price had to drop a bit and that would be my entry point. Entered at 85.288 (which wasn't exactly the best entry point seeing how the price dropped a little more over night).
"Always Look Left": I looked at previous highs from March and May and used those as my resistance. The price from May (85.510) became my take-profit and also my first target. If trend continues and passes that target I will be on the look out to see if it hits the price from March (87.458).
So I've been watching this uptrend on the Canadian Dollar against the Japanese Yen. Since I am just an amateur trader, I entered this trend too late. But I am trying to catch at least the last bit of it, just a short and quick scalp. On the hourly charts I noticed that the RSI was well above 70. I knew the price had to drop a bit and that would be my entry point. Entered at 85.288 (which wasn't exactly the best entry point seeing how the price dropped a little more over night).
"Always Look Left": I looked at previous highs from March and May and used those as my resistance. The price from May (85.510) became my take-profit and also my first target. If trend continues and passes that target I will be on the look out to see if it hits the price from March (87.458).
Comment:
There it is! Passed that previous high from May!
Comment:
Take Profit hit! RSI over 70 again, passed previous high from May. Could this mean that it will keep going? Just have to wait and see. Maybe also keep an eye out for a new entry.
