This looks like a š„ setup! Price formed a triple top and it is close to breaking the 4HR trend line. Wait for a clear break (possible a slight pullback) then sell to the weekly support.
What do you think?
Remember even the best setups can fail, so do your own analysis and use proper risk management.
Price bounced off the trend line but hoping to see some weakness in NZD. So setup still valid.
Trader856
ā
@hdivannia, The relatively flat resistance price level and the higher lows, in my opinion, is akin to a ascending triangle pattern that is a bullish set up. Though as you mention the patterns do not always work, so I think it is indeed possible for it to break out to the bearish side.
UnknownUnicorn8360477
ā
@Trader856 thanks for your feedback. I did notice that after seeing other ideas for the bullish move. Since price went close to resistance and rejected it again, I got in the sell at 0.6605 so Iām currently in a risk free trade.