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EUR/ZAR

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EURZAR trade ideas

EUR ZAR (possible long entry - possible to be a VERY big trade)This is another easy and straight forward setup. This appears to be an Elliot wave 5 wave fractal pattern. It seems to me that we are probably in wave 4, though I do not think wave is finished yet. Wave 4 likes to finish near the top of wave 1. We should be in the ABC/complex correction of the minor waves. We are in a small uptrend that is actually a bear flag in the overall bigger picture. However, it seems we still have upside potential. I will be looking for price to breakout of the counter trend line, probably near the current support level, then ride the counter trend line down to the false break zone near the very bottom trend line. We have stronger support here, the top of wave 1, and an expected place for the bottom of wave 4 to rest. From here it is a long way up to the conservative take profit just before the top of wave 3. If wave 5 is not truncated we can expected a much much bigger move past wave 3 and off of the screen shot. Massive pips can be made off of this trade.
Long
by sgsummers
EURZAR on a double bottom 🦐EURZAR on the 4 h chart created a double bottom over a weekly support structure at 18.05000. The price then bounced and created a nice bullish impulse. IF the market will break and close above the resistance structure we will set a nice long order according to Plancton's strategy. ––––– Follow the Shrimp 🦐 Keep in mind. 🟣 Purple structure -> Monthly structure. 🔴 Red structure -> Weekly structure. 🔵 Blue structure -> Daily structure. 🟡 Yellow structure -> 4h structure. ⚫️ Black structure -> <4h structure. Here is the Plancton0618 technical analysis, please comment below if you have any question. The ENTRY in the market will be taken only if the condition of the Plancton0618 strategy will trigger.
Long
by InkyGrip
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