JLJ002500

USDZAR - Short after R/S zone retest

Short
JLJ002500 Updated   
FX:USDZAR   U.S. Dollar / South African Rand
Price moved below my support (now resistance) zone. I opened a short trade after a retest & hold.

Short @ 12.1742; current SL @ 12.3430

My current position is modest. I wanted to be more conservative since we are going into the weekend.

1M:
1W: Last two completed bars failed at pushing higher. It is oversold. Bears could get rejected as well, however the current candle is almost complete.

4H: pinbar formed support. Retested R/S zone, which gave me an opportunity to enter short trade. I would like to see price move below 12.065.



Trade active:
I added to position (larger lot size than initial) @ 12.19432

I took profits on the original position and about 1/2 of the new short entry.

Currently, I'm still short @ 12.19432. I also have sell limit orders in place to add to my position if price pulls back.

Trade active:
Price never pulled back to execute any of my Sell Limited Orders. Initial position still open with substantial gains. No firm TP set at this time.

Trade active:
Key level's I'll be looking at.

Trade closed: target reached:
Took profits at 11.86525

Very nice trade. Possibly will reenter if pull back occurs.

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