USDZAR is currently at a consolidation area. It has had trouble breaking out of 12.09 area, having a strong price rejection at that . That rejection could indicate a retrace to previous . With that being said, my S.T. bias is neutral to , but that should get more solidified in the next few hours. (See below charts) A close below ~11.994 area would shift S.T. to .
I am placing a buy limited order (see chart for details). I'll reduce my SL as (if) the trade moves in my direction.
W: Last completed candle is . momentum. Could easy retrace to 12.307 area.
D: As I mentioned in previous post, I didn't have high degree of confidence the upper of a consolidation zone had been formed yet. Lower support clear has. Last week price action was until Friday. With Friday's strongly close, momentum is with the bulls IF price can get back over 12.0964.
Price seems to be making it's move. Chart above has a dark purple dashed line to mark my predetermined levels where I'm particularly interested in price action. Strong candle closes at/above level OR rejection at level. At those level SL modifications may occur as well as taking profit (or partial profit).
The Bad - Unrealized gains vanished overnight. Reversal price action at one of my key points, but I wasn't managing the trade.
The Good - At least I adjusted my SL to protect some gains. Trade did close for a net positive, but no where close to the high. Unrealized significant gains ended up being a small realized gains.
I am somewhat hesitant entering a long with current price action. It is at good level, but price action is still questionable for a long entry. With that being said, I did open a modest long position @ 12.04289.