Wait for it...

I mentioned earlier in a post, how one of the best ways to trade is what I call the sniper-trading method, when you wait for a setup, sometimes it takes hours, sometimes days, but then when you shoot, you hit your target and you hit it big, by big I mean in pips.

For example, right now I'm waiting for a setup on EURNZD.

As you can see we've had a pretyy cool uptrend on the 4hr chart in the last 2 days. The last 5 candles however have been in a sideways trend, indicating that the market is not yet sure what it will do next, go further or retrace. 

From my experience, when there is an uptrend with good momentum(like the one a couple of days ago, followed by a sideways trend, and then followed by red candles - lower lows), a retracement is likely to happen.

As we can see from the chart, we are now at a red candle, with very high probability to go lower. However, the setup is not complete. We must wait for at least another candle that will break this candle's low in order to consider entering. Right now, there are 30 minutes left until candle close, so we'll have to wait and see. Until then, I'll go ahead and study some more for my Prices & Competition exam which I will be taking in a few hours >.<

EDIT: well, a new candle has formed, which has already made a lower low. However, as you can see, the price is near the 2.23 mark, will wait until price goes to 2.2260/50 to consider entering