Looking at USDZAR on our weekly chart we can notice that USDZAR has been failing to break to the downside as has been respecting our previously outlined levels. To elaborate further we can take note of the fact that USDZAR’s failure to break through our 17.50xxx Psychological level confirmed a new higher low on the pair after which it started rallying back up and...
USDZAR has been selling for most of last week, closing out with a buy action. Once it hits market structure it’ll look to buy to supply. This is just an idea.
The perfect trade, If you placed a buy stop or buy limit either one was triggered and did an amazing thing. Move SL into profits or BE but do not donate back what you just took from the market.
The market is playing out close to how we said it would. I'm watching and waiting for the market to break impulsively and retest before entering.
What I am potentially seeing, what could happen. Markets are still confusing me in England so I prefer certainty. Friday, I took many trades but they were short trades and didn't last too long. I'll try put the picture up.
Honestly confused, especially with the England climate so I've closed all trades and decided to take a backseat.
Manually closed as this is going to be interesting but I'm watching for the close of the next two candles to determine what my next move should be.
SL moved into TP because we are not mountains so we don't have to force to be moved we can actually move. Plus the momentum is changing and giving us new structure so rather than be stupid we protect our funds.
Here's what I am now seeing the POSSIBILTY of but there's still a downwards PROBABILITY.
If you didn't close or move SL into TP your morning is a cup of tears. Manually close, we are seeing a reversal possibility
I honestly thought this would trigger tomorrow but bottoms up right. Either way move SL into profit if you are going to sleep or close with your current profit. Riders and chancers will let it either hit SL or TP, (NOT RECOMMENDED, THAT THING ABOUT TIME AND BROKERS)
Watch it as there is potential for an explosive candle which will either be bearish or bullish which will wipe out some orders. This will be to direct the momentum that the market wants to go.
On my trade TP hit, here we are just a few points away. So different brokers obviously offer different spreads and this will affect your trades, so take that into consideration with brokers.
Here my analysis hit SL, but my actual trade hasn't hit SL so now we in Profit and we move SL into profit.
Not a good week, I think this weekend is meant for a regroup and refinement. Need to leave the markets for a bit and reconfigure my thinking.
It had a double bottom, previously tested level that wasn't broken, engulfing bullish candles, long term bullish structure and it is one of the patterns I trade. Earlier I couldn't explain but this is why I had placed my Longs here and SL just under previous lows. Those that are busy move your SL to just into profit or BE, the market is not your fathers house...
Not too much to explain but those that see, do. Those that don't I'll come back to explain, kind of caught up with some other things.
I had FOMO from not entering the market this week, this was practice analysis. Didn't take the trade but just monitored. Missed the TP by a few points, but that further suggests that our trading edge is sharp but could (and will be) a lot sharper.