GDP/ZAR still shifting up and down, so the if statement here will do just like the USD/ZAR, they seem to react in the same manner due to investors relations driven by politics.
The POUND been falling against the RAND for 6 a half days now.
I wonder if this gives this pair a long opportunity after the commotion in the UK ?
Hoping for a good long opportunity when the price recovers ?
The Rand gained strength in the morning against the pound
Round about 5 in the morning - Price = 17.2335
Round about 6 in the evening - Price = 16.9790
Expecting the price to bounce back to between 17.1000 & 17.1500 by lunch tomorrow?
The market been going side ways for a while now whilst going (from the 8th till sate)
I suggest long sculpting for a shot period of time for every long opportunity?
Here's why it's a potentially good selling opportunity:
- the well-established downtrend,
- likely support at: 1) the potential supply level (the last swing high), 2) 100% size of the prior correction,
- a perfect match of the strong South African rand and the weak British pound, currently the former oversold and the latter overbought.
Not a trade, just came across this while back testing.
Just look at those opportunities in the highlighted zone.
2 double tops, both with RSI divergence
and most importantly, BOTH WINNERS.
Just thought id share this.
Trades like this make me cringe when i don't take them
