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Usdzarh4

USDZAR Long UpdateI've personally closed my position as I'm unsure of how much momentum the push has to reach or exceed R19 overnight here in South Africa, however I won't be losing sleep over the last few pips of the move should it complete its trajectory, I am not a fan of the candle forming on the H4 (I acknowledge I get more skittish as the trade approaches my target) and would rather wait to get in on a different move in either direction as things develop. Let me know what you think and how profitable the move was for you.
by Papache
USDZAR Long UPDATEThe US unemployment claims were at 5,245K as opposed to the forecast 5,105K, down from the previous 6,615K. The deviation from the forecast being so low would mean this potentially bad news has not affected our long position as greatly as it could have. I have also identified a descending channel that's much more visible on the H1, this might have been a necessary downward move so as to prevent the H1 from becoming too overbought during the move higher up on the H4, it rests as I type on the turnaround line that I'm using to temporarily close my position if I see it break through with the breaking rule. In any case all is the same as I spoke of earlier today (linked). Let me know what you think.
Long
by Papache
USDZAR Long to continue a while longer?There is some consolidation happening around the current zone, however there has been no strong bearish rejection from the zone as yet and no worrying divergence happening at the moment. The turnaround could still happen and the turnaround line I've drawn in represents the point at which I'd close my long position (temporarily) should it be broken by the breaking rule. Otherwise I still have my sights set on R19 to the dollar. Unemployment claims happening today could affect this position so I'm watching rather carefully. Let me know what you guys think.
Long
by Papache