Thread: My journal, basic support and resistance makes you wealthy..

1.0805 (17 Sept's high) provides strong resistance and it's divergence.

Sell USDCAD @1.0789
Cease @1.0839
Proceed to split even if price reaches 1.0725, put limit in the bottom station.

Trade was not opened.
But this is the chart. Not too bad, is it??

Well... it get stopped out @1.0839.

I think that the down trend may have finished, I will only search for extended chance because the price is now at the monthly trend line, and also the Saturday close is higher than the Friday closed. Also the down trend line has been broken on the 4hrs chart. Therefore I will enter long
chart is under

long GBPUSD 3 contracts, I'll exit 2 in the first line of resistance, if I feel a rejection about that level I will depart all transactions.

Exited all trades

I like your thoughts anyway,, but I believe for time such as this we ought to await the price to break out the trendline. Entering the trade based on candle pattern can lead to several false entry signal. I don't feel as shorting pound dollar too. So, here is my chart, and I'll go long if price closes above the trendline that is blue, and targeting the green trendline.

Well, this exactly what I have in my chart. I am looking to buy if candle sticks over the top channel. And will short this pair if candle sticks below the redline. Will update shortly.

What happened to a own system? Looks like it needs work.

Trade is place by me on this journal. I've got my own website.
Http://www.miketradingjournal.blogspot.com

Thanks a lot for your attention CTGUY!!