USD/ZAR Continued Study - Refer to Linked Post and Read Comments
As the title reflects, this post is for demonstration and educational purposes only and does not constitute a signal to buy or sell. I am labeling this as a short for now. But we know this can change all on price action. Explanation of my inclination is below.
Please refer to my linked post below to get an overall idea of this study.
As we continue to study the technicals of this pair, and as we study my previous post (linked below) our outlook on buy or sell can change based on price action. Technicals always overrule any fundamentals. Although it's good to keep the fundamentals (news and such) in mind, its always best to study the technicals (charts and price action). The charts and price action leave clues.
A few things to note of special consideration:
The market reacted swiftly over the next few days by bearish momentum, even including opening the market last week leaving a gap from rapid push down ( news - Moody's credit rating was a contributing factor)
If we look at overall market structure we can see overall what has been happening over the past couple of days may very well be a price retracement or pull back to the 61.8% fib level (the golden ratio)
We see an ascending triangle forming, and if confirmed this could mean we could see bearish momentum continue to the next key level.
We see what could see now on a lower time frame may be a small impulse down and an attempt to re-test the recent high
One thing we have to keep in mind is that we cannot assume that the gap MUST be filled. It may fill eventually, but we have to look at what price is actually doing. Given this I don't see any reason right now where we have reason to buy. However, this could change based on price action during London Session and the next New York Session. Price would have to have a sharp bullish impulse for me to consider opening an buy position. Until I see a nice bullish impulse I would not be inclined to open any long positions. Price action at the key levels as noted are key to observe to make final determination.
I am now offering one-on-one mentoring sessions at a very reasonable price, mainly for my time, to help students of the market learn to read price action and consider trading decisions. Please inbox me for details. Happy Studying! Please always use proper risk management when trading any pair and also use your confluences before entering any trade.
Please refer to my linked post below to get an overall idea of this study.
As we continue to study the technicals of this pair, and as we study my previous post (linked below) our outlook on buy or sell can change based on price action. Technicals always overrule any fundamentals. Although it's good to keep the fundamentals (news and such) in mind, its always best to study the technicals (charts and price action). The charts and price action leave clues.
A few things to note of special consideration:
The market reacted swiftly over the next few days by bearish momentum, even including opening the market last week leaving a gap from rapid push down ( news - Moody's credit rating was a contributing factor)
If we look at overall market structure we can see overall what has been happening over the past couple of days may very well be a price retracement or pull back to the 61.8% fib level (the golden ratio)
We see an ascending triangle forming, and if confirmed this could mean we could see bearish momentum continue to the next key level.
We see what could see now on a lower time frame may be a small impulse down and an attempt to re-test the recent high
One thing we have to keep in mind is that we cannot assume that the gap MUST be filled. It may fill eventually, but we have to look at what price is actually doing. Given this I don't see any reason right now where we have reason to buy. However, this could change based on price action during London Session and the next New York Session. Price would have to have a sharp bullish impulse for me to consider opening an buy position. Until I see a nice bullish impulse I would not be inclined to open any long positions. Price action at the key levels as noted are key to observe to make final determination.
I am now offering one-on-one mentoring sessions at a very reasonable price, mainly for my time, to help students of the market learn to read price action and consider trading decisions. Please inbox me for details. Happy Studying! Please always use proper risk management when trading any pair and also use your confluences before entering any trade.
Trade chiuso manualmente:
Closed with profits..see potential reversal
