We are going short on this trade ( if you hadn't gathered that by the title ) after a bounce of a well respected resistance level in the weekly, daily and 4H timeframes.
NFP is today so whatever you trade the trade carefully and reduce risks by moving SL into profit where possible.
Based on long my experience with USDZAR, I think anything less than an 8H trend is too noisy. Some say the trend is their friend some say otherwise. I look for important trends when approaching very volatile pairs such as USDZAR and GBPMXN, only to see direction of pressure. Keep in mind those sort of pairs have massive ratios and ATR stops of less than 3.5 are recipes for getting fried (in my experience only - others can disagree of course).
As I think a 4H timeframe is too riddled with noise, I've looked higher to see what the weekly might inform me about - hence the chart below.
Yes - of course it's a different methodology of analysis that I use. There is 'no one road to promised lands'. I have no doubt that price has a probability of collapse from what is seen as a weak structure area of possible resistance zone around 14.5873. If lady luck (who I've divorced 😭 from) is kind to anyone shorting at 14.587, I'd say take the money and run! 🤑💲💲💵🏃♂️ This is opinion - not advice. ☯☯
ApexFX_Pro
⋅
@Captain_Walker, Nice advise, this is a pairing I have only just recently started to look at, but it’s also a good weekly resistance level.
Lady Luck... I have never been married to, I’ve had a few 1 night stands with her though 😉😂
As I think a 4H timeframe is too riddled with noise, I've looked higher to see what the weekly might inform me about - hence the chart below.
Yes - of course it's a different methodology of analysis that I use. There is 'no one road to promised lands'. I have no doubt that price has a probability of collapse from what is seen as a weak structure area of possible resistance zone around 14.5873. If lady luck (who I've divorced 😭 from) is kind to anyone shorting at 14.587, I'd say take the money and run! 🤑💲💲💵🏃♂️ This is opinion - not advice. ☯☯