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.