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USDCAD PROFIT

4th January 2019 contacttf

All currency trading is done in pairs. Unlike the stock market, where you can buy or sell a single stock, you have to buy one currency and sell another currency in the forex market. Next, nearly all currencies are priced out to the fourth decimal point. A pip or percentage in point, is the smallest increment of trade.

Entry taken again, but this time I was able to score a support line from the 4 hour chart.

I decided to manually close because the Kijan-Sen and the Tenkan-Sen was not responding as expected.

The relative strength index (RSI) is most commonly used to indicate temporary overbought or oversold conditions in a market. An intraday forex trading strategy can be devised to take advantage of indications from the RSI that a market is overextended and therefore likely to retrace.