I was just having some lunch when I got a notification on my iPhone from the Price Action Battle Station tool for MT4 that there was a potential bullish trade opportunity for me to check out on the Australian Stock Index.
Not a market that I trade too much, but I checked out the charts, and this just happened to be a perfect swing trade setup.
Old resistance clearly had been broken out of and was now acting as support. The battle station indicator picked up a bullish rejection candle pattern and flagged it, and notified me.
I decided to take the breakout entry on this one – even though the retracement entry was available, I don’t trade this market very much and opted in for the break of the high ‘buy stop’ order instead.
The trade has triggered and on it’s way.
There is enough room for this one to make 1:3 risk reward before hitting the next major resistance level.
If you would like to learn more about the battle station indicator, visit my site through the author link and navigate to the war room information page.