# Ascending triangle pattern spotted
# Breakout of resistance and retest as support
Buying at market price 14.15580
# Stop loss below support at 14.04748
# Take profit higher up below resistance at 14.50171
As usual don't bet the farm, good risk management won't kill you but the lack thereof could :)
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Possible Inverse Head and Shoulders; price is grazing the 61.8% key fib level in the market from the last swing high to swing low points. Long term take profit area 14.6. Watch for reversal pattern and moving averages on the daily. Trade at your own risk. This idea is for demonstration and educational purposes only.
HelloTraders,
As the structure is showing a continuation for upside,
I'll be looking for buy opportunity from the bottom.
Trade with care and respect your money managment,
Best Regards
South Africa goes to the polls on May 8 to elect a new National Assembly and new members in each province. The economy continues to be centre stage with corruption, power cuts and the long shadow of former President Jacob Zuma still hanging over affairs. The economy slipped into recession during 2018, growing at a lack lustre 0.8% for the whole year. Growth...
USD Fundamentals
Fundamental Quant Scores dipped to a negative -3
- Continuuing Jobless claims increased by 6,000 suggesting more US citizens are claiming credit to help support their lifestyle.
- Latest GDP for Q4 showed a less than forecast outcome missing it by 0.2%
- Pending Home sales a huge leading indicator dropped to -1% when forecast to stay above 0
-...
On the chart above, we have an unfolding pattern , my recent new favourite pattern called the Quasimodo Pattern.
Reasons For Entry :
- Currently Trending About The Demand Zone
- Local Low Broken
- Lower Low Forming
Wait for the breakout off the Resistance for the Lower Highs of the current bearish skewed rectangular trend then enter to BUY towards the QML area...
The U.S. Dollar vs. the South African Rand. The Rand was and became legal tender in the late 50’s to early 60’s for South Africa, Swaziland, Lesotho and Namibia after moving away from the Pound. After the apartheid era sanctions the Rand experienced a great deal of volatility and depreciation.
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