USD/JPY 1 Hour Learning to identify good entry points
I watched price stall at a resistance level ~102.586, unfortunately missed a move I was contemplating on trading down to a previous strong support level ~ 101.00.
However, now that price is in this, what I think a very strong support zone, I'm going to wait and watch where price goes. There are 3 possible set ups I would look for, and all 3 are a bounce off a "minor" or "major" resistance level
My plan is to wait and see:
This is my first publish chart, so any feedback/tips would be greatly appreciated.
I am also a very novice trader, no financial background, self-educating and eager to master my analysis. If I'm identifying indicators badly or missing something like the "big picture" please point it out to me. Thanks in advance
However, now that price is in this, what I think a very strong support zone, I'm going to wait and watch where price goes. There are 3 possible set ups I would look for, and all 3 are a bounce off a "minor" or "major" resistance level
My plan is to wait and see:
- If support level holds up against price
- If it holds and price starts to pull back up I'd like to see it find resistance.
- Play the bounce off resistance with first target back at support ~101.00 unless price actually moves all the way back up to ~102.586 then I would move my target higher up
This is my first publish chart, so any feedback/tips would be greatly appreciated.
I am also a very novice trader, no financial background, self-educating and eager to master my analysis. If I'm identifying indicators badly or missing something like the "big picture" please point it out to me. Thanks in advance