usdjpy daily rsi shows overbought

FX:USDJPY   U.S. Dollar / Japanese Yen
129 6 3
flat correction move to wave 4 good for several hundred pips
Comment: title obviously wrong. meant oversold but this trade active with upside
potential still available. Now using 1 hour chart to protect profit.
Don't know what RSi your looking@ lol but the Rsi I'm looking@shows near Overs0ld? Maybe this is what you mean:) & no, we are heading down before we head up and my wish is my command!
+1 Reply
yep typo sorry obvious oversold area starting.
TradZ Doublebullchuck
:) that's fine as it was obvious of what you meant. And now I wake up early to find that my wish is not my command hehe! @least I broke even:) Had I stayed up for another 30 more minutes I would have CLOSED my position@around 101 which Is where my alarm was set to check the action. And also, had I used my desired leverage I would have been out the trade a few hundred pips ago ha! So now I must wait till the closing of the DAILY candle to re-enter LONG as I play Heikin Ashi style trading:)
Thanks for your wonderful analysis by the way & keep It up and this I WILL use my desired(preferred) leverage:)
TradZ TradZ
I meant this time(next trade) I will use preferred leverage
Thank you TradZ. New to publishing, I guess I can't change the title now. Friday 9:00 a.m. pinbar 1 hour candle was my hint to this possible correction. Obvious news came and triggered spike but you are correct that the 101 area was the buy signal when the descending upper trend line was breached on the 1 hour chart. Sorry you lost a few pips but If I may?, I suggest an electronic stop when you are not awake! I have lost a few thousand dollars on "news" more than once in my trading. Lessons learned the hard way I try not to repeat. Regarding Heikin Ashi I like the real visual aid showing the main trend.
TradZ Doublebullchuck
Thanks for giving your reasons to your analysis and no, I didn't lose anything, I broke even on that trade. I've lost thousands as well as it's the best way to learn, get mad and get even! lol
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