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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.

nzdusd 1 2014-09-17_13-44-35

 

Trend reversal seen on lower low

nzdusd 2 2014-09-17_13-44-35

 

Current price high was a retracement to a strong level

nzdusd 3 2014-09-17_13-44-35

 

TX plots 1234 in H4, bearish expansion completed in H4 chart

 

nzdusd 4 2014-09-17_13-44-35

Next support zone around 8080

nzdusd 5 2014-09-17_13-44-35

 

#tflow #trade wk38/2 $nzdusd below 8160 F6 buffered has S 8080 and more if this zone is broken

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