USDZAR - A pull back would make for a great long entry
A pull back would create a great long entry. I'm expecting a pullback before the ~12.19 resistance area is tested. A would need a pullback to justify a long entry at this point. I would not recommending any short entry even though the R/R may be favorable.
The yellow/green boxes are the ideal buy areas. As you can see, they make up quite a large area. The conservative entry point would be to wait for confirmation. My plan is to enter following a reversal candle formation, but enter with 1/4 - 1/3 position size initially. That would allow the ability to make adjustments.
See below for more information.
1M:
Price moved inline with my forcast (Red dotted line) and major support area. Price action indicating correction. Price would need to close above 14.57 area for an official Long Term trend change.
W (view 1):
W (view 2):
D
Daily shows a trend change due to fail to maintain LH/LL. Price is approaching some resistance areas. Bullish price action.
4H:
Ignore the long position (w/SL & TP) marker. It is just a holding spot.
1H:
The yellow/green boxes are the ideal buy areas. As you can see, they make up quite a large area. The conservative entry point would be to wait for confirmation. My plan is to enter following a reversal candle formation, but enter with 1/4 - 1/3 position size initially. That would allow the ability to make adjustments.
See below for more information.
1M:
W (view 1):
W (view 2):
D
4H:
1H:
Trade attivo:
I'm in at 11.93995, HOWEVER based on yesterday's close, I am also prepared for potential further pull backs.
Trade chiuso manualmente:
Took profits early. I'm expecting further deeper pullback.
As I mentioned, this is a cautious entry. USDZAR has significant room to pull back further.