Watch Breaks Against Bias for Failure Opportunity

 

Within hours of publishing last week’s article, I received contact from two readers who both had identified similar opportunity within other forex pairs.

First, see last week’s article here if you missed it: https://yourtradingcoach.org/trading-process-and-strategy/feeling-joy-when-i-look-at-this-price-action/

And let’s check out the followup…

First was a twitter message from AC:

@YTCtrading Aussie/USD this morning 🙂 Same same but different! 🙂

 

I’m not 100% sure of the timeframe that AC was looking at. I assume it was the 1H; the same as in the article. And upon opening the AUD/USD 1H chart it just stands out beautifully.

 

And following shortly after was an email received from PK. Here’s an extract from the email:

Funny thing, timing.

I read your email this morning and a few hours later I noticed cable had climbed back up to resistance (prior day high) and quickly retraced, into this weeks down trend.

A few bars later, it’s there again and I note:

1. Market is struggling to find any more buyers

2. If price has failed to do something twice (break the resistance), then it’s probably going to do the opposite

3. Not a bad ‘sell signal’ trigger to use (1 hour candle bar format)

Time to put in a sell order, as there is multiple reward potential, if price can get back to the low of yesterday

There is a 1:1 or thereabouts, if it only makes it down to today’s lows (see attached)

 

Here’s a cropped version of the attached image, with some added notes:

 

 

Thanks to both AC & PK. Great observations!  🙂

Happy trading,

Lance Beggs

 

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