About meI have been trading for 3 years now, and I've tried almost everything at some point, and realised that the best strategy is the one kept simple, and repeated over and over again with a great deal of risk reward ratio :)
Republic of South Africa
TARGET 1 =6700S, TARGET 2=6100S, DOUBLE TOP PATTERN OCCURED, BUT HAS NOT BEEN CONFIRMED YET AS NECKLINE HAS NOT BEEN BROKEN, BUT THAT BLUE TRENDLINE WAS BROKEN AND RETESTED FOR A PROPER SELL CONFIRMATION
I HAVE HIGHLIGHTED THE KEY TRENDLINES SERVING AS SUPAND RES THE PRICE WILL BOUNCE ON, OVERALL MOVEMENT(TREND) IS BULLISH, BUT FOR NOW I AM ANTICIPATING A REVERSAL TO THE 5000'S,THAT IS WHEN I MIGHT BUY.
I SEE A HEAD AND SHOULDER,USDZAR IS AN EMERGING MARKETS AND THESE MARKETS ARE CURRENTLY GOING THROUGH A HARD KNOCK, AND WITH THE COMING ELECTIONS IN SOUTH AFRICA ON WEDNESDAY I FORESEE AN EVEN WEAKER RAND.WE MIGHT SEE A RALLY FROM 14.50'S TO 15.20'S OR EVEN HIGHER DEPENDING ON THE OUTCOMES OF THE ELECTIONS.
THERE SEEMS TO BE A DAY FRAME H AND S PATTERN, AND IF IT PLAYS OUT WELL, IT WILL REACH TARGET 2, ESPECIALLY IF BRITISH FUNDAMENTALS GO TOO BAD THAN EXPECTED. YESTERDAY WE HAD A REVERSAL PATTERN(PIN) EVEN WHICH ALSO WAS A RETEST OF THE NECKLINE REGION OF THE H AND S. STOP LOSS GOES ABOVE THAT PIN.
The USD seems stronger across the board, and GBP is also as strong, but the technicals favour USD, and there is also a head and shoulder pattern I have left out due to some reasons, but a sell seems like a good trade for now. remember stops.