USDZAR intraday:
Market in daily uptrend
Retail traders selling short.
Economic conditions better for USD
Market structure bullish on 5 minute, finding support at bottom uptrendline and resistance at resistance trend line.
Market in 1 Hour ABCD fibonacci sequence. Currently in fib retracement, retraced 50%.
looking for bullish break above counter trend break at support on 5 minutes timeframe
Target 1 hour fib level at 17.51072
entries: counter break bullish towards target
risk: below structure support
take profits: 3x risk
Market in daily uptrend
Retail traders selling short.
Economic conditions better for USD
Market structure bullish on 5 minute, finding support at bottom uptrendline and resistance at resistance trend line.
Market in 1 Hour ABCD fibonacci sequence. Currently in fib retracement, retraced 50%.
looking for bullish break above counter trend break at support on 5 minutes timeframe
Target 1 hour fib level at 17.51072
entries: counter break bullish towards target
risk: below structure support
take profits: 3x risk
Comment:
no trade, market broke support
Comment:
86% retracement, market found support, broke counter trend bullish into the "buy" zone. Waiting for market structure and break above 5 minute resistance. Once resistance breaks our new target is 17.38114 and will be buying counter trend break bullish towards target.
SL: below market structure
TP: 3x risk
Lot size: 0.5
SL: below market structure
TP: 3x risk
Lot size: 0.5
Trade closed: target reached:
no trade, setup did not occur however target reached.