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USDJPY LOSS

1st September 2016 contacttf

In this case, traders would call the price level near $39 a level of resistance. As you can see from the chart below, resistance levels are also regarded as a ceiling because these price levels prevent the market from moving prices upward. On the other side of the coin, we have price levels that are known as support.

This was my second loss. I have traded the same setup hundreds of times, but sometimes were are wrong, and market is always right. As previous trade, all charts line up, but system just did not work for me. This was never a revenge trade.

Market reversed and I got stopped out.

Support levels are usually below the current price, but it is not uncommon for a security to trade at or near support. Technical analysis is not an exact science and it is sometimes difficult to set exact support levels.