Here's an idea on the DOLLAR / ZAR which broke out of the descending channel structure pushed down with the bears now looking for some correction of this move before continuation with the bears as the pair is overbought on most indicators. as always for entries we scale down to smaller time-frames to determine entries and so forth.
many stars must align with the plan before executing the trade, kindly follow your rules. LET'S SEE HOW IT GOES..
here's some of my rules if they help. 1. look at structure be it descending channels, pennants and so forth. 2. RSI is overbought/oversold so will be looking for a pull back to structure before continuation. 3. will be looking for entries from 30M , 1H, 2H & 4H time-frames if taking the trade long term. 4. aggressive trades can be executed on the pull back 5. price action must definitely align with the plan.' 6. structure definitely 7. the 20 EMA must be respected as support / see a bounce at this structure 8. FIBONACCI EXTENSIONS AS GUIDELINES FOR SL & TP'S . 9. CANDLE STICK PATTERNS. so i will most like's enter this one in a bit but i hope this idea assists in any way on your trading plan.
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.