USDZAR MARKET ANALYSIS

-

 Good morning traders, it's another day in the markets as this week has started off right with the EURJPY shorts that have been banging since Monday. Into the charts today I'm looking at USDZAR where price rallied into a key H1 & H4 supply zone at 17.72061 & 17.58050 which is the origin of the previous drop to the H4 demand zone at 16.79439 & 16.69594. Price has filled the H1 & H4 range from the key H1 & H4 supply zone at 17.2061 & 17.58050 to the H4 demand and back to the key H1 & H4 supply zone. Price rallied into supply and formed a rejection wick with candle close inside supply followed by a strong drop away from supply to the 1st H1 low at 17.45830. Price retraced to retest supply at 17.58050 before a continuation of the drop. Took sell positions during London session at 17.58050 with SL at 17.68000. Setup taken is a rally base drop, a reversal setup and my target is at the H4 low at 16.98450.












Price faked out a drop and failed to break the H1 low at 17.46420 then rallied deep through supply to 17.76647 forming a higher high hence hitting my SL, taking out my positions and invalidating my bearish setup. Price then dropped 177 pips to 17.60207, formed a higher low and failed to take out the H1 low and instead rallied again deep into supply back to 17.75900 close to the previous H1 high inside supply at 17.78150 showing a potential rally to the next H1 high at 17.84600 before either price breaks and continues rallying or price shifts and reverses.
LOSS -1.5%














Comments

Post a Comment

Popular posts from this blog

MEMBERS LIVE ANALYSIS SESSION PART 1

-
Image
  Good afternoon traders, it's a bright afternoon today but a bit dull in the markets as there's slow movements in the charts. However, it's become brighter as we held our Chase Capital Member's live analysis session yesterday and it was amazing. The feedback shared by our members on their trading journey progress has been phenomenal and we are happy and proud to walk this journey together. The impact Chase Capital is making on traders is being heard and felt firsthand from the experiences shared in this video by members of the Chase Capital Trading Community. Listen, learn and enjoy.
Read more

GBPUSD MARKET ANALYSIS UPDATE

-
Image
  Good morning traders, it's been a slow week in the markets but I hope you're watching out for potential setups and being patient. Here's an update on the GBPUSD setup I shared on the previous post. Price formed candle closes inside the zone followed by a strong H1 bullish engulfing candle to 1.26550 showing the bullish sentiment was right but my entry was early and that's how I got stopped out. Took buy re-entry positions during pre-NY session at 1.26504 with SL at 1.26300. Setup taken is a rally base rally, a continuation setup and my target is at 1.27600. Price failed to form candle closes above demand and instead formed a strong H1 bearish engulfing invalidating my bullish sentiment hence closing out my positions.  Took buy re-entry positions during NY session at 1.26418 with SL at 1.26200. Setup taken is a rally base rally, a continuation setup. Price rallied to 1.26700 during late NY session and formed candle closes above demand. Price retraced to retest demand a...
Read more

USDCAD MARKET ANALYSIS

-
Image
Good evening traders, it's another great Thursday with opportunities in the markets after multiple targets from our previous trades got hit. Into the markets today I am looking at USDCAD where price dropped into a major H4 & daily demand zone at 1.34712 & 1.34400 filling the major daily range. Price dropped into the major H4 & daily demand and formed multiple candle closes inside demand followed by a bullish push to 1.34800. Price then retraced back into the demand zone and formed candle closes inside demand followed by a bullish push out of demand. Took buy positions during NY session at 1.34619 with SL at 1.34300. Setup taken is a drop base rally, a reversal setup and my 1st target is at 1.35800 and my major target at 1.36170 which is the next major H4 & daily supply zone and also the origin of the previous major drop.   Price rallied out of demand by a constant push away from demand forming higher highs on H1 & H4 at 1.35050 with candle closes above demand. P...
Read more