Ok finally the markets are dropping some good price action. Tonight I am looking at the NZDUSD here which has formed a setup which aligns well on multiple time frames.
A quick look at the weekly/daily chart and you should be getting some bearish vibes. The market is printing lower highs and lower lowers in a very well nice structured bearish trend.
This week the market retraced back up into an important weekly level, where we were on stand-by waiting for a bearish signal.
Price tried to breakout and rally in the Asia session but failed. This is a sign of weakness.
Now we’ve got a large bearish rejection candle sitting on the 4 hour time frame, which is basically the textbook perfect swing trade opportunity – old support is now new resistance.
War room members who have the MT4 Battle Station loaded on their charts should have just gotten the alert about the pattern.
I can’t fault this setup, so therefor I must pull the trigger and go short here. Let’s see how it plays out.
Steve Epperson
Late to the party again. Looks like we got a nice 3-bar breakout to the down side on the 4 hour chart. I don’t necessarily think it’s too late to jump in, but I might wait, considering the weekly chart is beginning to consolidate. Thanks again for another great setup.
Potter Tan
Yes, indeed is a good setup. So you make a trigger? Can you post the video? Thank you so much.