ZARGBP trade ideas
GBPZAR 22.3725 + 0.36 % SHORT IDEA * TREND CONTINUATION Hello everyone
An idea on the POUND / ZAR pair that has been trading in a descending channel hitting LH & LL heading down with the bears looking for a continuation of this move with the trend, the pair is currently trading at 38.2 % Fibonacci. TARGETING 61.8 % Fibonacci in the coming week.
let's see how it goes
HAPPY TRADING EVERYONE
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ENTRY & SL - FOLLOW YOUR RULES
RISK-MANAGEMENT
PERIOD - SWING TRADE
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If this idea helps with your trading plan kindly leave a like definitely appreciate it.
Long: GBP/ZARPlacing a long trade here for the day, will close before 22:00 BST today to avoid slippage on the weekend.
NFP results are today so trying to stay clear of USD
Not many technicals really line up on the 1HR for a long or short, however, the candles indicate uncertainty and the price history indicated it may long within the support/resistance.
4HR indicate the potential for an up-swing, candles are sitting on resistance, MACD & signal line are crossing and the K% & D% in the stochastic oscillator are crossing in the momentum zone.
symetrical triangle break downConfirmed break and retest of this triangle on the 4 HR, lower blue box is the final target/measured move.
-Nick
Long: GBP/ZARLooks like the price may be reversing after a sell-off
Stochastic oscillator is suggesting the market is oversold
MACD & signal line crossing to indicating a price reversal
Histogram on MACD is showing buying volume coming into the market
Price is currently sat a support line
4hour chart indicated the same as the above
Short: GBP/ZARContinuation of the downtrend
Candles have been uncertain overnight and now indicating volume coming in
possible bearish reversal candles and clear confusion whilst side trending
