Strong/weak pair. Not the best entry because I've been spooked by being stopped out. Commodities and Oil are down so it should provide some upside here. Volatility has been quite low for the whole day.
I'll enter at candle close.
USDZAR Daily Chart with buy order blocks marked in yellow. Original analysis; 8am Monday 16 May as preparation for a CNBC Africa appearance.
5th wave targets 18.75 (20.09 in extension). Requires break of 16.97. Until then expect the 14.00-17.00 range to play.
Price is extented at current levels (15.60) and 14.80 would present a good buying opportunity.
The Daily chart shows a bullish convergence. We now need at least a double wave retrace before price wil complete the second part of this double wave cycle.
Price reached 100% FE of the last cycle upwards exactly on a strong Daily resistance level and potential divergence. As long as this resistance holds look for sells aiming 50% FR of the last cycle.
Sell the...
USDZAR as been correcting this year and is potentially goin down to the upward weekly trendline. Im now looking for a basic structure trade inside the 4H trend that developed due to the correction. Pinbar and doji showing rejection inside the the expected area and risk reward is pretty nice.
Interesting 1-2-3 Setup. The midterm downtrend is full intact. Today the Pair has reached the upper edge of this trend.
Swing Trader would prefer a short Position at the actual Level, with SL based near the last High, the last "3". This is the risky Setup.
A risk reduced Setup is the caclical shortposition, which can be opende, when we trade below the last LOW,...
LESSON:
Trade failed first, and so what!!!
I'll keep trying, whilst keeping losses limited.
A single success would absorb all the minor losses and return cash on the table.
Im long again based on same setup
Buy Climax
TL BO
3 pushes pattern
2B Reversal signal occurring on long term EMA's and prior KEY ZONE.
Price and MACD Bottoms are expanding away from each...
