USDZAR 4th and 5th Waves
Updated
Anticipate a downtrend 3rd wave to complete either at the most recent low or at 14.50. With this in mind we look to
Buy 3rd wave completion into the 4th wave extension (note: Stochastic RSI is currently out of sync for this)
TP1 - 15.00
TP2 - 15.39 (3.4 reward:risk)
50% retracement of the 3rd wave is 15.33 so sell levels for the 5th wave move lower are
Sell 15.35 or 15.10
TP 14.15 for 4:1 reward:risk
3x reversals marked in light green
Buy 3rd wave completion into the 4th wave extension (note: Stochastic RSI is currently out of sync for this)
TP1 - 15.00
TP2 - 15.39 (3.4 reward:risk)
50% retracement of the 3rd wave is 15.33 so sell levels for the 5th wave move lower are
Sell 15.35 or 15.10
TP 14.15 for 4:1 reward:risk
3x reversals marked in light green
Trade active
Double tapped the entry so long at 17.7143Note
Longs closed at 17.92. Scenario still valid - will look to re-enter longs at 14.80
Note
Correction of TyposEntries averaged in at 14.7143
Exited at 14.92
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