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GBP/ZAR

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GBPZAR trade ideas

BRITISH POUND VS SOUTH AFRICAN RAND Posting because at the moment, being South African, one of my favourites technically. Given the sad current bad state of affairs with corruption within South Africa, being recently Grey listed, the current almost collapse of Energy (Electricity) with Eskom in almost collapse whereby the country is facing daily energy cuts of up to 6-8 hours a day. How will this Gartley play out? Supposedly a Bearish Garltley. Realistically, looking at a bounce at the 0.5 fib. And noticably the Trend line to the upside has not yet to be broken.
by hmaroudas
1
GBPZAR - Bearish Butterfly Pattern H4.The pair shows a beautiful Butterfly pattern forming. Its end point is the beginning of a historic weekly order block. This level hasn't been testes since August of 2020 and it is very likely that there's historically trapped volume at this level and institutional orders are likely to be sitting at this level. The last harmonic projection on this pair from my account was a super success. NB: well harmonic patterns do not always complete so entering into a but is not advised purely based on the projection of a harmonic. Failure of a pattern happens when the pattern fails to complete to D but rather gives a confirmed fail usually at Fib levels 70.7 and 113 respectively. Stay tuned for more updates
Short
by harveygoldfx
GBPZAR SHORTThe XA leg of the Harmonic is a Double top in itself. The huge wicks on that leg suggests large institutional volumes trapped in that region. The CD leg just broke through the last order block and we see a confluence on the 1.272 Fib and 2.000 Fib where the CD leg completes. The H1 also gives a beautiful crab pattern competing around the same region. I would say this move may wait for the release oof Non-farm data for a violent take off in the Bearish side and if not enough volume is taken then we may see a retest and a gradual Bearish movement.
Short
by harveygoldfx
1
GBPZAR - Gartley Harmonic I dont believe in Bearish or Bullish Gartleys. Gartleys are interesting. My thought pattern. X to A pullback 0.618. 0.618 the "perfect" low before a swing up. Fib A to B near enough 0.786 and according to Gartley 0.888 high. Coincidentally has confluence with drawn TOP of ascending channel that can also be known as a "possible" and "probable" resistance. The pullback again Gartley level, would be an approximate to the decending channel (red) at 0.782. Interesting. : ) Be looking at a possible reversal at 0.382 approx 20.5 to break the pattern on the downtrend.
by hmaroudas