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Exotic Range Opportunity

Exotic Range Opportunity

Walker England, Trading Coach,

In my experience, traders are generally more successful when trading currency pairs between support and resistance in a ranging environment. When looking for a chart today, the ZAR/JPY caught my eye. This pair continues to trade in a distinct range dating back to March 2009. The daily chart below shows clear areas of both support ( 11.25 )and resistance ( 12.50 ) . Once these levels have been established we can zoom in to a shorter time frame to look for entry opportunities.

Range04.04_body_Picture_1.png, Exotic Range Opportunity

Price Action

Taking price in to an 8hr chart, we can find resistance again forming near the 12.50 price level. Historically, resistance has been found in a zone between 12.40 – 12.80. MACD is currently above our zero line however, and a fresh cross of our signal line has yet to be established.

Range04.04_body_Picture_2.png, Exotic Range Opportunity

Trading Opportunity

As price closes in on resistance I will begin to look at selling opportunities on ZAR/JPY . My preference is to enter short near 12.50 as close to resistance as possible. I am using the MACD oscillator to confirm my entry and will be looking for a bearish cross above the zero Line for my entry signal. Stops should be placed above resistance at 12.90. Using a 1:2 Risk – Reward ratio, my profit target sites are set on 11.70 or lower for an 80 pip gain.

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