The month of July saw profit taking pullbacks in multiple trending currencies. In my last post I talked about the GBPTHB. The South African Rand (ZAR) is another currency that has been trending bearish for several years. Continuing the naturally bearish trend of ZAR there were opportunities to take trades on pairs that had pulled back to major levels. I took both EURZAR and CHFZAR long mid-July when they pulled back to Daily Wave levels.
The CHFZAR presented the nearest “perfect” opportunity because the setup was confirmed on all higher timeframes.
Daily was my entry Timeframe with an order at the Daily flat Senkou B and a stop that would clear the pivot lows. My target was the major Pivot High.
This entry point also matched with the Weekly flat Kijun Sen with strong Momentum.
Finally, the level also matched with major Pivot highs going back to 2009.
