I don't know what I'm doing (Short) ForexLorion

USD/CAD is overbought and hitting resistance

EUR/USD was overbought and has already reversed trend

My intention is to get the best of both and take advantage of this very overbought market. This is my first forex trade, so I'm not sure how this will turn out.

Open: 1.609
Stop Loss: 1.62
Target: 1.53
R/R: 7.5

Commentaire:

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Don't bet too much on me. I don't know what I'm doing.
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Trade fermée manuellement:

Going to close this and get a new perspective. My assumption that the market was weak was my mistake. I do think the market is overbought, but the momentum on the longer time frame invalidates any attempt to short on the smaller time frame I had my eyes on. Trend changes of the magnitude I was hoping to see aren't going to happen every day or week. If I want to play the shorter time frames, then i need to find a strong trend and enter on a pullback and retest of the trend.

Commentaire:

:( RIP, great trade. Bad execution.