CADCHF Resistance Levels
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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".
So I've had a pretty crappy week of trading. Lost my focus last week after leaving money on the table on a trade and messed up my whole week. I started making impulsive trades instead of studying my way into trades. During one of my impulsive trades I noticed the CADCHF has been on an uptrend for a good while now. I remembererd what I've studied and learned and took a look to the left. Founf that it broke previous resistance from November 2015 and from April 2016. Now, Although it did break that resistance the price closed downards if you take a look at an hourly time frame. So I will stay put for now, just put this pair on my watch list. If it passes that resistance again, where will the next target be? Could it be the price from April 2015? Or could this be it for the bulls and now the bears kick in?
Always remember to not revengre trade, to study and know why you are getting in a trend and where you want it to go. Remember not to get attached. Trade it dont date it!
So I've had a pretty crappy week of trading. Lost my focus last week after leaving money on the table on a trade and messed up my whole week. I started making impulsive trades instead of studying my way into trades. During one of my impulsive trades I noticed the CADCHF has been on an uptrend for a good while now. I remembererd what I've studied and learned and took a look to the left. Founf that it broke previous resistance from November 2015 and from April 2016. Now, Although it did break that resistance the price closed downards if you take a look at an hourly time frame. So I will stay put for now, just put this pair on my watch list. If it passes that resistance again, where will the next target be? Could it be the price from April 2015? Or could this be it for the bulls and now the bears kick in?
Always remember to not revengre trade, to study and know why you are getting in a trend and where you want it to go. Remember not to get attached. Trade it dont date it!
Ghi chú
Well guys, one day later and this is how it looks. I actually had a long position open from Friday and thanks to that gap on Monday's opening I took my profits and got out. I noticed it wasn't gonna keep heading up, yet I didn't trust my instincts and was lead by my inexperience, which lead me to enter too late. Could have made more money but we are getting there. Here is an hourly look:
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