CADZAR bounced off support on 5yr chart with hidden bullish divergence and these parameters equate to a 2:1 reward to risk ratio: buy at R11.13 with a stop loss at R10.90 and a profit target at R11.60.
Approach:
Entry: Break and close of trendline, as indicated
SL: Below Low after beak and close of trendline.
TP: adjusted with sl for a 1:3 R:R
Considerations for setup:
- Bullish Trend
- Support area
- Volume Profile POC
- Weak Fundamentals overall for ZAR
Good luck :-)
Zar under pressure on political risk and in IMHO the zar should be materially lower on fundamentals and I still cannot believe SA has not been downgraded. I like it ag the cad as the cad is gradually appreciating.
Entered the trade at 10.8000, stop is at 10.7800 and looking for 11.1000 initially where I will sell out half my long , then intend to run the balance...
