DislikedI too thouught that EURNZD could have turned its trend to up. I was looking to go long but as patrick25 said there was no good PASR and just watched the price break down again.
Looking at the bigger picture, BOSS chart, it seems to me that price hit a pretty strong resistance at 2.11 through a simple ABC pattern (a double trap pattern) and price got back on its down trend.
So, since down trend is still valid I will not look for long entries. But neither short entries because we have strong support at 2.00. Will stay on sidelines again until...Ignored
Looking at the bigger picture, BOSS chart, it seems to me that price hit a pretty strong resistance at 2.11 through a simple ABC pattern (a double trap pattern) and price got back on its down trend.
So, since down trend is still valid I will not look for long entries. But neither short entries because we have strong support at 2.00. Will stay on sidelines again until things get clear.
Soso, well done, your light is shining brightly, Blackeagle, Alexandra and Nicola will be very proud of you.
This shows the importance of taking the direction AND sentiment from the HIGHER time frame, in this case the BOSS.
If PRICE was going to respect that psycho 2.1000 level, it would have done so when it FIRST got to it (just after 12 July on your chart).
The FACT that it BLEW through and TESTED it 3 weeks later with a Bond Shooting Star was the sign that buyers were NOT INTERESTED in PRICE at that level.
When PRICE respected the psycho 2.0000 level, we had a very good idea where PRICE was going and WHAT PRICE would do WHEN it got there.
If you were following this on the BOSS, it should NOT have been a surprise on the rejection of PRICE at the 2.1000 level.
Keep watching the BOSS and she will let you know what to do when PRICE reaches or nears psycho 2.0000 again.
15 YEARS OF PASR ON FOREX FACTORY!