Daily Analysis and trade idea on USDZAR by ThinkingAntsOk
Consider this as a guide to develop your own setup.
Main Items we see on the Daily Chart:
-Price has broken a major ascending trendline
-Currently, the price is against a support zone
-The downside potential from the current support to the next one is -2.5%
-We consider that area as a good zone to open short trades
Trade Idea
-If the support is broken, you can wait for a pullback and then look for an entry on lower timeframes, another idea is to look for candlestick patterns to open a trade
-The Stop zone is above the Support Level, with a distance of separation to avoid fakeouts.
-The Take profit zone is the lower trendline of the triangle (main structure)
This is just an Idea with the objective of being ahead of the movement you are interested in, if this scenario happens, this will give you time to look for last details before opening a trade, IF you were watching this asset
Main Items we see on the Daily Chart:
-Price has broken a major ascending trendline
-Currently, the price is against a support zone
-The downside potential from the current support to the next one is -2.5%
-We consider that area as a good zone to open short trades
Trade Idea
-If the support is broken, you can wait for a pullback and then look for an entry on lower timeframes, another idea is to look for candlestick patterns to open a trade
-The Stop zone is above the Support Level, with a distance of separation to avoid fakeouts.
-The Take profit zone is the lower trendline of the triangle (main structure)
This is just an Idea with the objective of being ahead of the movement you are interested in, if this scenario happens, this will give you time to look for last details before opening a trade, IF you were watching this asset