NZDUSD – illustrating big pattern, high timeframe WR
What happened when there was a WR (aka wash and rinse, fake movement) found in the higher timeframe chart?
This represents that a huge group of slightly longer term traders/even investors are trapped at higher price (in the case of NZDUSD), while price now heads lower.
Big Picture Analysis
WR on monthly level and pattern. There’s also a month close, which is bearish for price. Multiply count of 1234. On whichever count, price has already WR pt 2.
Trend reversal seen on lower low
Current price high was a retracement to a strong level
TX plots 1234 in H4, bearish expansion completed in H4 chart
Next support zone around 8080
#tflow #trade wk38/2 $nzdusd below 8160 F6 buffered has S 8080 and more if this zone is broken