USDZAR H4- We have entered this trade right after the price fail to close above 0.382 with a bearish candle with a long shadow. This indicate sellers are coming in.
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We are going to place new order for this trade below 0.618. Our target will be support 1, support 2 and daily support. Sl will be above 0.5 and 0.618. As for new entry, we would suggest using a lower time frame to enter.
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We will buy around 1.272 and 1.618, depending on the future price action.
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What will make this trade invalid? If price turned 0.618 as a support and close above the trendline, higher than previous higher low(H4,last red arrow).
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We are going to place new order for this trade below 0.618. Our target will be support 1, support 2 and daily support. Sl will be above 0.5 and 0.618. As for new entry, we would suggest using a lower time frame to enter.
.
We will buy around 1.272 and 1.618, depending on the future price action.
.
What will make this trade invalid? If price turned 0.618 as a support and close above the trendline, higher than previous higher low(H4,last red arrow).
