LONG USDZAR buy at 11.89 SL 11.69 TP 12.515

FX:USDZAR   U.S. Dollar/South African Rand
50 2 1
Will write it later.
After four major pullbacks to 11.80 or lower, I wonder if this time it won't pull back to let everyone get on board?
+2 Reply
I understand where you're coming from, but looking at previous price movements, after every breakout the pair experienced consolidation phases like these. Looking at the 1st rectangle prices were behaving quite the same. The trend filter is also in green. I understand that there is a downside risk that the pair is too expensive, and there is a triangle wedge that might suggest pushing down on. For a safe trade I would enter after a confirmed close candle above the 12.5 level. I'd rather wait for the USD to exhale last week's rally and buy at 11.89. I am fundamentally bullish on the USD and for that I believe that the pair will continue the uptrend in the medium term.
+1 Reply
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