GBPNZD [4hr, Long]: False Break/Failure Test
Price is in a downtrend on daily and 4hr. Tight volatility contraction the higher daily timeframe signalled by tight bodied candles.
On 4hr, price failed to break out resistance and formed a bearish pinbar. Many people going long on the breakout are trapped.
Entry: Sell Market order
Stop: previous 4hr candle high at 1.92
Exit: when it closes above previous daily candle high
On 4hr, price failed to break out resistance and formed a bearish pinbar. Many people going long on the breakout are trapped.
Entry: Sell Market order
Stop: previous 4hr candle high at 1.92
Exit: when it closes above previous daily candle high
Order cancelled:
Order not filled, and price action followed by bearish pinbar is not convincing.