vlad.adrian

EURZAR - A perfect setup

Short
FX_IDC:EURZAR   EURO / SOUTH AFRICAN RAND
A setup can't get much better than this for the system I am using; both time frames align perfectly to create a low risk high probability trade.

On the weekly chart, a return to the wave after a long period of buying the Rand also marks a test of the broken H&S neckline. This is all you need to go look for a trade on the daily chart . Note that the impulse is still green and that keeps me from putting on my full position.

On the daily chart , a perfect double top with confirmed class A bearish divergences on MACD lines and histogram, and a dark cloud cover for the trigger.

As soon as the impulse turns blue on the weekly chart, I will double my short position.

Keep in mind that the Rand yields 7% per year, so the longer it takes for this pair to reach my target, the better.

Soft stop above the double top , first target at the swing low, if that breaks, look for 12.6.

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