Currently trading within a sideward to gradually downward range in the form of a potential bull flag structure. The monthly pivot is 19.78 i.e. the key level for an upside break. Traders should also monitor the downward trend line which extends from the peak of 05 January at R21.74 where a break could signal a change of trend from neutral to bullish.
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Buying possibilities on GBPZAR:
Reason being : the market has a broken Bullish
Channel/Bullish Flag and it is currentley forming a counter
trend and it is at a well respected support level .
This is a confluence because there many
conformations of buying pressure .
1. Overall predominantly bullish pressure,
However, no new structural formations have been
created towards the upside.
2. Repeated failure to break above the price
around 21.3092 suggests no added long
positions. Traders could be closing their
positions which are causing the current price
3. Price failure to break...
GBPZAR on the 4h chart is trading above a minor support.
According to Plancton's strategy If the price will break below and satisfy the ACADEMY rules we wills et a nice short order.
Follow the Shrimp 🦐
Keep in mind.
🟣 Purple structure -> Monthly structure.
🔴 Red structure -> Weekly structure.
🔵 Blue structure -> Daily structure.
🟡 Yellow structure -> 4h...