Looking To Short USDZAR
Updated
USDZAR is currently trading upwards towards a strong resistive trendline and a resistance zone. Once price reaches the resistive trendline and the resistance zone, bears can look to go short if price action presents a good opportunity. A stop loss would be placed a few pips above the resistance zone, and the ultimate target near the supportive trendline. This would provide a nice risk to reward ratio of 1:3
A more conservative approach to the short is to wait for a break of the counter-trendline (green trendline on the chart), and open a short thereafter.
If price fails to reach the resistive trendline, traders can go short upon the break of the counter-trendline, although the risk to reward is poorer.
Take your trades based on price action once it gives you a valid entry. Do not enter your trades blindly.
Be sure to follow me for more ideas and analyses.
Best of luck traders!
A more conservative approach to the short is to wait for a break of the counter-trendline (green trendline on the chart), and open a short thereafter.
If price fails to reach the resistive trendline, traders can go short upon the break of the counter-trendline, although the risk to reward is poorer.
Take your trades based on price action once it gives you a valid entry. Do not enter your trades blindly.
Be sure to follow me for more ideas and analyses.
Best of luck traders!
Trade active
We are in the short position. If you entered a short position on USDZAR, move your stop-loss in profits and hold (TP is approaching), or take profits if you are happy.Best of luck traders!
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