DislikedJarroo, would you be kind enough to share your thoughts on NZD/USD.
This goes to show that we should not really expect price to do what we consider it should do. We need to watch what it shows us and in this case it is clearly showing us, it does not agree with my expectations. LOLIgnored
Yes that level failed miserably as Support . .so what does that tell you about the levels as acting as Resistance? . .the setup was right there on your Daily chart . Bam!! . .
These levels usuallly act as we expect them to do . .getting PA that agrees with these levels confims this expectation.
If we got a Bullish PB at the expected Support level, it would have been an easy trade. But Price smashed right through it. When that happens, the level doesn't go away . .its a good chance that this level will "flip" to Resistance . .and this is a geat example that it did just that . .
Price is now coming back to potentially retest this new Resistance . .lets watch and see how it reacts or if there is Bearish PA at this level..
Jim
Indicators show the past. Price Action "Indicates" the future.