USDZAR Long trading opportunity(short-term) 11
expect ZAR to weaken against the dollar about 15-25c, I have opened a long position with the size of (25000USD), speculating that the ZAR to weaken in the short term within a day or two or three to 15.75+-.
Stop Loss is around 15.49+-, take profit is 15.70-15.8*, the entry price is 15.58+-
approaching support at 15.50, hoping it won't break...
US economic data looks bad and South Africa's Balance of trade looks good etc. but... this can push the US fed to increase the USA currency interest rates more and/or sooner than later, and investors could start buying back into the USA dollar, there is also the issue of commodity prices dropping in 2022, which will happen, I just don't know when in the year though, if it isn't already happing... but this might not affect this trade, all in all I think we are at the very least in a short-term bottom
Stop Loss is around 15.49+-, take profit is 15.70-15.8*, the entry price is 15.58+-
approaching support at 15.50, hoping it won't break...
US economic data looks bad and South Africa's Balance of trade looks good etc. but... this can push the US fed to increase the USA currency interest rates more and/or sooner than later, and investors could start buying back into the USA dollar, there is also the issue of commodity prices dropping in 2022, which will happen, I just don't know when in the year though, if it isn't already happing... but this might not affect this trade, all in all I think we are at the very least in a short-term bottom
Trade closed: target reached:
ummm...
Proof:
drive.google.co...bNOoAFITLm/view?usp=sharin...
my trailing stop loss was hit, closed position with 200 ZAR profit, then I waited, re-entered but I used the wrong position type (I shorted instead of longed which was a stupid mistake, it happens if you are at work and try to do other stuff quickly on the side)
I then closed that short position and longed again as I wanted to, closed at 15.67 because I don't want to stay too long in the market, the position going sideways because I made a stupid mistake motivated me not to wait till the dollar strengthened more against the dollar, made a total profit of 1000+- ZAR
The good news is that I was never more than 600 ZAR in the minus
Proof:
drive.google.co...bNOoAFITLm/view?usp=sharin...
my trailing stop loss was hit, closed position with 200 ZAR profit, then I waited, re-entered but I used the wrong position type (I shorted instead of longed which was a stupid mistake, it happens if you are at work and try to do other stuff quickly on the side)
I then closed that short position and longed again as I wanted to, closed at 15.67 because I don't want to stay too long in the market, the position going sideways because I made a stupid mistake motivated me not to wait till the dollar strengthened more against the dollar, made a total profit of 1000+- ZAR
The good news is that I was never more than 600 ZAR in the minus