FX:CADJPY   Canadian Dollar/Japanese Yen
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).
snapshot
Comment: There it is! Passed that previous high from May!
snapshot
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.
snapshot
United States
United Kingdom
India
Deutschland
España
France
Việt Nam
Italia
Polska
Brasil
Россия
Türkiye
Indonesia
Malaysia
日本
한국
简体
繁體
Home Stock Screener Forex Signal Finder Cryptocurrency Signal Finder Economic Calendar How It Works Chart Features House Rules Moderators Website & Broker Solutions Widgets Stock Charting Library Feature Request Blog & News FAQ Help & Wiki Twitter
Profile Profile Settings Account and Billing Support Priority Support Report Issue Ideas Published Followers Following Private Messages Chat Sign Out