The USDSGD fired off a very solid 4hr Bearish Engulfing Bar (BEEB) during yesterdays session. This BEEB was at a clear level and formed within the downtrend. Quick traders who were alert to their charts yesterday would have easily spotted this obvious setup forming.
Price has now moved much lower and given traders a chance to take profit or protect their capital by moving to breakeven. The daily chart of this pair has now formed a BEEB which could mean a move even further lower if price can break the BEEB low.
Forex School Online members were tipped off to this setup by Head Coach Johathon who posted this price action signal live before price played out.
USDSGD 4HR CHART – 26 July 12
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