NZDUSD has been bullish on the daily chart. The H4 chart shows that the price has been on a consolidation. One of today’s H4 candles has come out as an engulfing candle producing right at a very significant support level. Thus, an upside H4 breakout at the last day’s highest high would push the price to go towards the North further.
This is another trade idea generated by the Elite Swing Trader.
The H4 chart shows that the price went up to the level of 0.67865. Then, it started having consolidation. The level of 0.67550 is the level of support here. The level has produced an H4 Doji candle followed by an H4 bullish engulfing candle. If it continues to push the price towards the North and makes an H4 breakout at the level of 0.67865, the price would go towards the level of 0.68450 without having too many pauses. Let us have a look at the summary of the trade…
- Buy Stop Order: 0.67903
- Stop Loss: Below 0.67508
- Take Profit: 0.68450
This is an ABC pattern trade setup. Many traders set their stop loss just below the breakout level. That offers much better risk and reward ratio, but spikes often sweep away those stop losses. Thus, traders lose money instead of making money. On the other hand, if stop loss is set below the support level where the trend has started, it offers 1:1.5 risk and reward ratio. The winning percentage is about 80% though. Considering these factors, setting stop loss all the way below the support level looks more lucrative.
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