I havent posted in quite awhile I took a little time to try some other strategies out and experiment with some things. However I will be posting again for the year and putting some ideas of trades out there once again. This is USDZAR long, I wanna get it out there first and then discuss the trade call later. The chart explain what Im expecting and when I have some times later I will go over why I saw this in this way.
Komen
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closing with a little profit here and putting a buy at 12.478, this thing is a monster and no need to risk losing money if can secure a little bit and get the same trade again:) so Ill put a stop under this current price action and if it stops ill make a little money. If it goes up ill make some money, however i want this risk free. Please remember the buy stop is in play regardless of this getting hit here or not.
Komen
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I should have said I am setting a stop with a little profit instead of closing with a little profit. Trying to do to many things at once.
Komen
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Well real time update here my stop is still sitting in profit under the last short term low. Ill keep it where it is just to keep risk off and ill keep the buy where it is to try to pick up more. Ill be back later with a update
Komen
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Well the green here and will think about adding if we get separation and find support again.
WHat do you think? can the dollar maintain this bullish trend?
Art-of-FX
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@Michael_VD27, USDCHF and USDZAR correlation is not always together as most exotics it has the propensity to make moves a major does not. However I will hold the parameters of the trade as is. Which is still in profit, if it breaks the parameters however I will cut it and find a new entry.
ShadielChan
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Very nice bullish engulfing bar on the daily :)
Art-of-FX
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@ShadielChan, I am unsure if we can consider that a bullish engulfing, It almost seems like a bearish candle on my mt4, what broker are you using?
ShadielChan
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@Art-of-FX, capital index :) although in tradingview it is a bullish engulfing daily bar too. But oh man is it going south now
Art-of-FX
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@ShadielChan, OPkay so I know this is very easy to mix up, however this type of candle is often filled the same as a Reverse Hanging man. The issue is its not a a reverse HM So it will either fill 3/4th and move north, or it will be a signal of more downside. I used to have this problem all of the time with candles, but I read a Nison book on candlesticks and it helped me understand a little better. I often jshort these types of candles after the next days move up and it often turns into profit. However I respect the S&D area so we will see shortly.
Art-of-FX
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@Art-of-FX, Filled just about 3/4th as expected looking forward to more pips north now.