According to the inflation rates displayed on this website: Inflation Rate - Countries - List. USD/RUB and USD/ZAR (USD/Russian Ruble and USD/South African Rand) are great bullish markets right now; even more if we think that Fed will hike the interest rate in September making the dollar stronger.
They both have a long bullish trend in progress and I don’t really know when to enter my trade since they seem far away from touching the support line.
I really don’t want to miss this oportunity, seems like a lot of money can be made. Who can help me?
Hmm, if you have strong reasons to believe that the uptrend is likely to continue then there’s no harm in entering at market as long as you set your stop loss properly (maybe below the support line?). You can always add to your position if it makes a correction.
To the OP: I think you need to let this opportunity pass for now and spend a lot more time on education. In case you want to skip it then go with what pipdiddy said: you have strong reasons so act on them accordingly.
As fellow traders lightly suggested: Do NOT trade!
Your entry conditions are not met= do NOT trade. Simple as that. Apply to trading: Always.
If you do not enter with your presets , there is the great chance you will not know where to exit properly.
Recipe for disaster! Avoid this kind of trading at all cost, unless you have been traded successfully for years. Then do whatever your gut tells you . #TradeSafely
Inflation is one of the most important gauges for a currency trader to track, yet one of the more confusing pieces of data. A high inflation rate might normally be a bullish sign for one currency, but at the same time it could also be currency negative. Therefore, we layout a guide to understanding inflation and how it affects foreign exchange trading.
