Mhangwane1

Mhangwane1

Bigger timeframe has shown us an inverse H&S and the neckline has been broken. Currently we had a double bottom and slight move upwards. Where we allows for either a pullback before fully bolstering to the direction it wants to. My analysis is showing me a long but I will wait for further confirmation before entering.

Mhangwane1

I am waiting for the pullback and impulsive breakout before entering. This is where I would be willing to enter after the pullback (retest), it could also just bolster all the way up. So for now we wait and watch.

Mhangwane1

The market has been favourable after the announcement of the consideration of one currency. Last week we saw the Dollar take a hit and the Rand gain a few muscles. With this we go in with a smile but with caution because our Repo Rate was also adjusted so the gains are not necessarily the best of options.

Mhangwane1

Here is how I am really seeing it and what my forecast says, after this I'll be focused on UZ. Even though I see this, I have opened up the probability of being wrong and the market turning the other completely.

Mhangwane1

I am seeing this melt for quite a bit before it breaks out of this channel and continues the bullish trend. We are still in the pullback, ZOOOOOOOM THE FCKU OUUT and you'll see there's quite a bit before the bigger trend. UNLESS If we have a break to the upside and retest then we have to prepare for a very volatile market because demand is on the upside but...

Mhangwane1

I don't think I posted this and did not even take the trade🫣🫣🫣🤣🤣🤣🤣. Mentally I'm just not fully around but I am trying and will still let my trades do as best as I can. I'll be okay and have things fixed and fully chart based.

Mhangwane1

Stopped out but it's fine, because it hasn't punished our capital. Just a small hit but we wait and watch as now we have more information as to what the market is supplying, even though it's against demand.

Mhangwane1

This is what I'm seeing after this double bottom completes. There will be heavy demand to the upside but till supply is provided we watch and wait, being impatient will be a costly thing. So also stick to your rules and trade your rules.

Mhangwane1

Lots and lots of entries. I had even forgotten that it hit TP. So now we ride until but we move SL into further TP

Mhangwane1

You should have been stopped out in profits but now we wait for the retest before we enter once again.

Mhangwane1

Move SL into profits, remember you're a money manager not a gambler. I've added another in accordance to my plan. PLAN THE TRADE AND TRADE THE PLAN.

Mhangwane1

The impulse was great but the current volatility is not enough, so the pullback will hurt and will punish ignorance. So either move SL up or SL into profits.

Mhangwane1

We are here unfortunately here but we saw it coming and we are sharper today than we were yesterday

Mhangwane1

This is what I see, should the inverse H&S play out and happen. A strong break of the neckline and retest should direct us straight into this trade.

Mhangwane1

I did acknowledge that it was risky but still within our plan and not destroy us. We take it and we press forward and we wait further.

Mhangwane1

I've entered these and they are HIGHLY RISKY⚠️⚠️⚠️⚠️⚠️ but I will adjust SL because of how they are playing out and the market movement. We in a pullback of a downward trend and it's reason why I've taken it.

Mhangwane1

I really hate that this is what I see but as a manager of capital, therefore feelings need to be cut out and discarded. (I am hoping to be wrong) Yet I see this and will wait for a right shoulder to complete. Then a break in the neckline, a last kiss and impulsive bullish candles then we find an entry and ride the whole way.

Mhangwane1

This is very nice, because it is slightly textbook. Yet knowing the fundamentals of the country, we will break through any sell bias you can think of. One day my goal would be to push that price all the way to either less R5/$ for a dollar or even to 1:1. For now I just would like to set a realistic goal of under R15/$. With the right leadership and the fight in...