DISCLAIMER: Hi everyone, I'm new to trading and this is just a log book for me on applying everything that I have learned and continue to learn as I go along. That being said, I do not advise you to base your trading on these "ideas".
Talk about an uptrend! But as we all know, this cant last too long. Evidence: The highs on Monday 5th and the highs on Wednesday 8th. Forming here a resistance (blue line) two days apart. If we look at the hourly chart the movements after the 8th were small. Not much happening or showing confirmation that the uptrend will keep going. But there are also no new lows. So I've marked a support level from December 2nd that was almost tested on December 8th. Let's wait and see what happens but this could be a good short if that support is broken and indicators are strong. For example look at the RSI. It's been getting oversold all this past week.
Talk about an uptrend! But as we all know, this cant last too long. Evidence: The highs on Monday 5th and the highs on Wednesday 8th. Forming here a resistance (blue line) two days apart. If we look at the hourly chart the movements after the 8th were small. Not much happening or showing confirmation that the uptrend will keep going. But there are also no new lows. So I've marked a support level from December 2nd that was almost tested on December 8th. Let's wait and see what happens but this could be a good short if that support is broken and indicators are strong. For example look at the RSI. It's been getting oversold all this past week.
Comment:
Ther it is guys. It tested that resistance and came back down. Although to me the uptrend seems like it might keep going for this pair. Remember to also look at the fundamentals. What news is coming out of Europe and what news is coming out of Japan. Trade safe!
