EURZAR trade ideas
EUR/ZAR possible running triangle and sell setupI have an alarm set at 15.143 and will be watching this. If E breaks trend line and confirms will be very nice sell. There was a perfect buy setup that I didn't take, can't remember why, but not the best entry point on the buy right this moment. The sell will be the real trade. The overall pattern in the bigger picture makes sense for a 5 wave.
ZAR stronger than EUR? After comparing a handful of ZAR pairs I saw that the South African Rand is really killing it! Each pair however showed a break in the ZAR strength, solely due to a 0.9+ correlation in each of them. I picked this pair because of the psychological level; 15.00000, where price has managed to close below hence i believe price will continue to drop. Despite this I will not enter exactly when the market opens but i will wait for the 4hr candle to close lower than the close of last week. My bearish sentiment will be elevated if the 4hr candle passes the 15.00000 zone but ends up closing below the close of last week, because this would indicate that the bulls tried to take control of the market but were obliterated by the bears, it's the equivalent to being in a fight and punching your opponent as hard as you can but he/she seems to feel no pain! Other things I'm looking for is for the DI+ to continue moving lower than the 20 level on the DMI and the ADX and DI- to continue moving higher. I'm targeting 13.51049 but if there is any funny business at the 14.00000 I'm pulling out!
EURZAR Long - Sniffing out the trend change before the crowd!See callout bubbles. The EUR is looking very strong across the board. For the last few weeks, on higher time frame charts, the price has been just hovering in areas where we could see a little jump in price. Let's hone in on a little level on a smaller time-frame chart and find that spot to jump in early before price really begin to rip upwards...
Always measure your risk and be okay with being wrong ; )