Long

USDZAR Bullish Wedge, Part 2

Updated

Sometimes i just get really scared of myself :) Anyway, so far going almost perfect. The entries are already in since the bounce up was so strong this time. I have added a third entry for this game plan, that is if we see a daily close above that red zone, i will add even more to this position if we see something like a bull flag happening.

If this plan works out, i will take profit in 4 parts towards the target, but leaving 25% open with a tight stop below it, just in case this wave up would get extended.

Previous analysis:

Note

Formed a double at here, so i am going to take 25% profit here.
Stop will be moved towards that purple zone to ensure some more profit, just in case this whole plan fails.

I will increase again if we see some support and price turning up again, but that will probably not happen until Monday.

Note

So we did move up again at the end of the day. For now i have drawn 2 red stop levels. The first one i will take another 25% profit and with the second one i will close the remaining position. If the last one gets hit, the wedge is still in play and i will simply just sit and wait for a new entry again

Note

Target (almost reached). I am going to close half my position here and use that green level as a stop for the remaining position. So eventually it turned out to an amazing trade, this shows again patience is key in trading :)

botje11

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