mrsceleste
Short

USD/ZAR Short Opportunity and NEW $19 USDZAR SUBSCRIPTION ZONE

FX_IDC:USDZAR   U.S. Dollar / South African Rand
Please refer to the idea linked below for study as it relates to this idea.
This idea is for demonstration and educational purposes and does not constitute a signal to sell. We see strong wick rejection at a key level and also the 200 MA serving as possible dynamic resistance. We do know that for the past three weeks we have seen bullish momentum building. We do see that we have wick exhaustion building for at least a short term drop . This sell opportunity may hence not be very long. We must study price action at key levels as noted to see how we should respond.

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Jan 21
Trade closed manually: price is sitting on major support. I am taking my profits now and will consider another entry later. Profits are always great to have and keep.
Jan 22
Comment: If you rode the trade out until the end or after the re-test (very short buy opportunity) entered for the sell again be sure to protect your profits or better yet close out. Congratulations!
Was wondering where your entry was based on the daily chart you posted and where your stop was (where would your view be wrong) + what risk/reward you placed on the trade.
Not being clever, just inquiring and trying to understand your mindset regarding the trade.
Reply
mrsceleste Gianci278
@Gianci278, when I trade this pair I am looking as low as the 15 or 5 minute timeframe after considering possible set ups. Because I only enter at key zones I can set pretty tight stop losses, but large enough to allow for the wicky type of price action that this pair sometimes gives. Would love to have your join our study group. If interested please let me know! Iron sharpens iron.
Reply
Gianci278 mrsceleste
@mrsceleste, Hi I would be glad to join and see i could add value. my email is gc@cjssecurities.co.za
Reply
Where are you wrong?
Reply
mrsceleste Gianci278
@Gianci278, just collected my profits after watching price action. It’s sitting on support. . I do play by play in my subscription Zane. . This is overall outlook as we have to make trading decisions as it plays out. . Not sure I understand your question.
Reply
mrsceleste Gianci278
@Gianci278 also keep in mind it’s not about right or wrong. No one can predict with absolute certainty. It’s about protecting your capital.
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Gianci278 mrsceleste
@mrsceleste, by wrong I meant at what level is the view incorrect and what would the RR be on the trade?
Reply
mrsceleste Gianci278
@Gianci278, I'm still not sure I understand when you talk about what level is the view incorrect. Where price is sitting right now as I type this is a major support zone. I have just collected my profits. I hope this helps? Sorry for the misunderstanding. Wasn't sure if you were being smart like oh so many do.
Reply
mrsceleste Gianci278
@Gianci278, I trade zone to zone, outlook is outlook but as price action plays out that can change. We may very well meet the TP in this article but to protect maximum profits I am closing for now and will consider opening again if I see something attractive later.
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