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Thread: ZAR.USD

  1. #1
    action-reaction arco's Avatar
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    Default ZAR.USD


    For those who like something a little exotic, this
    pair have moved into the FIRST Butterfly and Gartley
    possible target reversal areas.

    May prove an interesting ST short with low risk entry
    @ 655 and tight stop. However, be aware Gartleys can
    often carry on in the same trend to form Butterflies.

    arco











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  2. #2
    action-reaction arco's Avatar
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    Right on cue.......

    ......a BIG black bearish engulfing candle.

    +85 for knife catchers.

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  3. #3
    action-reaction arco's Avatar
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    The one that got away........

    Obviously these South African Randy Butterfles
    do not like to be caught. Fortunately it was on
    a very tight stop and we will live to net another
    when its looking the other way.

    Might have to creep up from behind and grab
    it by the Cape









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  4. #4
    Legend peat's Avatar
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    USD/ZAR did a rising three methods candle pattern on the daily

  5. #5
    action-reaction arco's Avatar
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    Hi Peat

    My Rooters EOD didnt give that pattern. I had a Harami on the 2nd which came just below a target area I had for a Gartley. Yesterday was a Shooting Star...so a bit ominous IMO.

    regards - arco

    The Shooting Star is comprised of one candle. It is easily identified by the presence of a small body with a shadow at least two times greater than the body. It is found at the top of an uptrend. The Japanese named this pattern because it looks like a shooting star falling from the sky with the tail trailing it.

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  6. #6
    Legend peat's Avatar
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    yes I've noticed your comments on EOD candle formations dont always square with what I see using Oanda fxgame... perhaps the specific timing of the EOD is different. But it did work for me , and thats always good.
    I did post that last Fri of course.

  7. #7
    action-reaction arco's Avatar
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    Yes, sorry Peat, a bit late with the comment.
    I was away for about 5 days.

    regards - arco

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  8. #8
    action-reaction arco's Avatar
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    Our old pal Randy is looking quite interesting at the mom.

    The green box is the PRZ for the Blue BF, - so worth keeping
    an eye on this one now IMO. EW count looks plausible.

    Currently watching for a reversal pattern to appear.

    rgds - arco
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  9. #9
    Legend peat's Avatar
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    Theres quite a good return on being a randy long.

    what did i just say? :o
    For clarity, nothing I say is advice....

  10. #10
    action-reaction arco's Avatar
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    Potential (ii) area
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  11. #11
    Legend peat's Avatar
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    also the 8.17 area is both the 78% retracement of the Mid March correction (pink), and the 261% extension of the original wave 1 (yellow)

    For clarity, nothing I say is advice....

  12. #12
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    Hi Arco, Guys,

    Hmm, my first post under trading here.

    Something has been bothering me for awhile now. Hence my questions. Start from the beginning...

    You seem to use trend reversal methods (harmonics, Gann, Elliot) but also trend-following methods (Ichi). I still cannot decide for myself which one should I stick with, since reversals often extend (butterflies can go into quite some extensions, crabs, etc), waves can prove to be misleading, divergence means noithing at times.

    Question1: Seeing some harmonic pattren at the top would you prefer to short at candles' formation, bar (ie: pin bar) or something else, ie: trendline break, moving average break, or wait for Kijun-tenkan cross, etc?

    Question2: Based on your experience in Forex (which is much longer than mine) would agree that in Forex it's wise to go with the clouds (ichi=trend following) as well as try to catch these butterflies above the clouds?
    I mean from yor perspective (trading for quite some time now) are both methods worthy, or one has proven to give better results?

    Question3: besides Ichi, Harmonics, Gann, do you have any other system/strategy that you would suggest? I don't mean reveal (unless you want to), but any clues as to what's worth what's not (ie: Pitchfork-ok, M.A.'s- not ok, this kind of stuff).

    Thanks again for inviting me here. I still read, observe and learn.
    In my case I must admit, I found trading psychologically hard to overcome.

    Many Thanks!

  13. #13
    action-reaction arco's Avatar
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    Action gave a nice down move from the (ii) zone
    as indicated in post #10 (also refer post #8)

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  14. #14
    action-reaction arco's Avatar
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    Updating the ZAR trade....

    .............moving nicely south in an orderly fashion.



    GeorgeW. Re questions. I think I may have answered some/all
    of them in a PM. Anyway if not please ask again.

    regards - arco
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  15. #15
    Legend peat's Avatar
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    Holy Moly !!!
    For clarity, nothing I say is advice....

  16. #16
    action-reaction arco's Avatar
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    Hi Peat

    Low was circa 7.7186.......dropped nicely into the confluence/overlap of my 2 blue boxes....

    rgds - arco
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  17. #17
    Legend peat's Avatar
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    I was just commenting on the volatility over the recent few days

    look at that ATR go.
    For clarity, nothing I say is advice....

  18. #18
    action-reaction arco's Avatar
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    .

    Ah sorry Peat.....my telepathy switch was off

    Promise to 'listen' harder next time........
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