Purely for Study and Educational Purposes

This idea is purely for educational purposes. As I study I see what could be a possible triangle pattern forming. If this is so, a breakout would be expected to occur to the upside using the distance application from the last major support. From a fundamental standpoint, the rand could deteriorate based on fiscal and monetary policy in South Africa. The continent looks to leadership to strengthen the economy. This would further support this analysis. Again, this is for demonstration and study purposes. Trade at your own risk.

Trade active:

We see spinning tops over the last couple of days; price is also breaching a very key level in the market. We can see by the wicks over the past few days that price is rejecting lower levels. We also have indecision in the market; notably the indecision candles over the past few days on the daily timeframe. My bias is still towards the target as noted. To be conservative you can wait until the candle closes above the key level before entering. As always trade at your own risk.

Trade active:

Good day trading friends! It is important to take signals from the market and watch where it is going, versus where we think it will go. I hope you were able to protect profit from the trade above. As I study, I see two scenarios..both are re-test scenarios. Price could bounce off these trend lines, sending this pair in either direction. I would continue to watch price action