Good Morning
From a partly cloudly but buzzing Johannesburg, South Africa!
The 240 min chart (which I consider short term based on ZAR volatility) is currently 50/50 and could either be some kind of H & S / ABC formation headed to sub R14.10 (which would be a massive buy) or could consolidate to breakout higher.
If this is a consolidation to trade higher be cautious as R14.50 is a critical level on many time frames and we will need a 240 min close over that to confirm a downside trend reversal.
Should we see a pullback sub R14.10, then I would be a huge advocate of buying the Dollar as the natural stop loss would be sub R13.90 while the minimum upside target would be R14.88 and this will give one a 55/10 bet.
Those are my kind of odds!
“The secret to being successful from a trading perspective is to have an indefatigable and an undying and unquenchable thirst for information and knowledge.” Paul Tudor Jones
Until next time vaya con Dios
Giancarlo
From a partly cloudly but buzzing Johannesburg, South Africa!
The 240 min chart (which I consider short term based on ZAR volatility) is currently 50/50 and could either be some kind of H & S / ABC formation headed to sub R14.10 (which would be a massive buy) or could consolidate to breakout higher.
If this is a consolidation to trade higher be cautious as R14.50 is a critical level on many time frames and we will need a 240 min close over that to confirm a downside trend reversal.
Should we see a pullback sub R14.10, then I would be a huge advocate of buying the Dollar as the natural stop loss would be sub R13.90 while the minimum upside target would be R14.88 and this will give one a 55/10 bet.
Those are my kind of odds!
“The secret to being successful from a trading perspective is to have an indefatigable and an undying and unquenchable thirst for information and knowledge.” Paul Tudor Jones
Until next time vaya con Dios
Giancarlo
Trade active:
The price is approaching major resistance at R14.52.
I would look to take profit into strength if I were long USD and give the chart a chance to play out as I am not sold that this is the big break.
I would look to take profit into strength if I were long USD and give the chart a chance to play out as I am not sold that this is the big break.
Trade active:
The R14.50 level has provided huge resistance and we are now patiently waiting to see how the formation plays out and what the downside targets will be as we are very keen to buy the Dollar!
Trade active:
The next 2 days trading will be huge and I would give the price a chance as we need to trade well over R14.50 to reverse the trend.
Trade closed manually:
The chart has failed over the last 2 days over the R14.53 level and hence we are happy to be out and square.