Descending triangle on GBPZARDescending triangle forming on GBPZAR. A long position could be possible if there is a breakout.
I’m a new trader and all criticism is welcome. If you disagree with this idea please say so I’m just trying to improve
ZARGBP trade ideas
GBPZAR for shortI've been Watching this market for a possible short position but I've been missing entry level lol but come join in if you see it
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
