Good Setup or bad?

I was looking at the EUR/USD 4H Chart, and saw this.

This makes sence? I’m waiting for a resistance test or touch to start selling. Is it a good setup?

I definitely think it’s on the right track. As a quick technical snapshot It makes a lot of sense. I recommend looking at Big Pippin’s Daily chart art if you haven’t already. (He has a plug in there for the 23rd on an hourly EUR/USD) Also double check on the fundamentals. The technicals look sound, but Fundamentals can certainly throw that out of whack. Also see if there are any other indicators that you can use to get as much confirmation as possible.

Looks good.
However, do u usually refer to. 4 hr chart?
Why not look at lesser time values for quick short trades ?

Thank you Capnskahoshi.

@Ryzzo Thank you, and yes, I usually have the 5M Chart open, but I go with the trend I find in the 4H chart, following part of what I read at the Cowabunga system.

But I wasn’t sure why no one had that set up yet, or haven’t mention it nowhere. So I thought maybe it was a bad set up I found and posted here to get some feedback.

I apreciate your comments! =D

Capnskahoshi, I fllowed your advice. According to the fundamental news I see the EUR/USD is ranging at 1.2560/40 right now, even though there was a better than expected manufacturing figures.

And in the 4H Graphic, it’s testing the resistance right now. Looks to me like the bears are taking control.

I think i’ll be getting ready to open a sell order if the candle closes below the resistance.

What you guys think?

Well, I actually opened the trade now. Wish me luck.

Well, I opened the trade @ 1.25765 , and I just closed it now @1.25585 . My profit: +0.0018 pips. I guess the trend will continue, but I will wait for more entry signals.