USDZAR Bullish Wedge, Part 2

4 בדצמ׳ 2018

Sometimes i just get really scared of myself :) Anyway, so far going almost perfect. The entries are already in since the bounce up was so strong this time. I have added a third entry for this game plan, that is if we see a daily close above that red zone, i will add even more to this position if we see something like a bull flag happening.

If this plan works out, i will take profit in 4 parts towards the target, but leaving 25% open with a tight stop below it, just in case this wave up would get extended.



Previous analysis:

7 בדצמ׳ 2018

הערה

Formed a double at here, so i am going to take 25% profit here.
Stop will be moved towards that purple zone to ensure some more profit, just in case this whole plan fails.

I will increase again if we see some support and price turning up again, but that will probably not happen until Monday.

9 בדצמ׳ 2018

הערה

So we did move up again at the end of the day. For now i have drawn 2 red stop levels. The first one i will take another 25% profit and with the second one i will close the remaining position. If the last one gets hit, the wedge is still in play and i will simply just sit and wait for a new entry again

10 בדצמ׳ 2018

הערה

Target (almost reached). I am going to close half my position here and use that green level as a stop for the remaining position. So eventually it turned out to an amazing trade, this shows again patience is key in trading :)