hello guys, I just joined steemit and i am a forex trader willing to share my analysis with others. I will begin with the USDZAR current chart.
The pair has been contained in a compression triangle on the daily chart as shown in the image below.
Added to this is the pin bar on the daily chart right at the upper trendline reisitance. These factors give a strong signal that the pair is likely going to roll over. There is a potential 300 pip move to the lower trendline support and this makes it a lucrative setup. Added to this, we have a pin bar on the 4H and its also pointing down. See the image below.
Obviously we are a bit late here but I beleive this market still has the potential to continuee going down. One way to enter this market can be to wait for a pull back and jumping in as the trend continues to the downside. I have already taken the tradee and will show you my proggress as the trade unfolds.
Follow me for weekend updates and get potential setups in the coming week. I end with a snapshot of some of my current positions.