jrthereaper1

Reversal insight or not

Long
FX:USDZAR   U.S. Dollar / South African Rand
USDZar has been dropping over the past few weeks and there now seems to be a change in that. Based on my entry criteria I have found an opportunity to capitalise on the move with an amazing risk to reward.Im planning to keep my risk low when it come to lot size because USDZar can be quite volatile.

Comments

sorry i meant thr 15600 looks like a resistance
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i like this setup however it looks like 154300 is a resistance right now. Would you wait until this resistance has been broken by a closing candle?
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@Asandhu1, well im going to move the support a bit lower and if price breaks my support and hits invalidation point which is my stop loss. I will wait for further confirmation for a short position on USDZAR but till then theres a higher probability that price might be bullish because i see a double bottom and that reaffirms my analysis
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