In previously shown NZDUSD analysis I wrote about two possibilities to enter Short and patterns I'm looking for.
Let's have a look at current price action.
Price formed higher low in 4h time frame but failed to break previous high. Indicating us that buyers must be loosing power and bears resist.
Remember, we are still waiting for price to break strukture and make lower low for more confirmation.
At this moment I like to change time frame and look at price action in 1H -15m TF for early structure breaks and retests.
Let's have a look at current price action.
Price formed higher low in 4h time frame but failed to break previous high. Indicating us that buyers must be loosing power and bears resist.
Remember, we are still waiting for price to break strukture and make lower low for more confirmation.
At this moment I like to change time frame and look at price action in 1H -15m TF for early structure breaks and retests.
Comment:
For more confirmation, i'll wait until price breaks one more low and confirms end of pullback as shown in arrows nr.2
For aggressive SHORT entry, i would wait until new lower high is formed.