AUDUSD has been heading towards the South on the daily chart. The pair produced three consecutive bearish daily candles on the daily chart. Today’s intraday price action has been bearish too. On its way, the price has made a breakout towards the downside. This means a pullback towards the breakout level followed by a bearish price action would attract the sellers to go short on the pair again. Let us have a look at the H4 AUDUSD chart.
This is another trade idea generated by the Elite Swing Trader.
The chart shows that the price made a breakout at the level of 0.69960. If the price goes back to the breakout level and produces an H1 bearish engulfing candle, then selling the pair would be rewarding. There is enough space for the price to travel towards the downside. Thus, liquidity would be good to drive the pair with good selling pressure. Let us have a look at the summary of the trade…
- Sell Stop Order: 0.69774
- Stop Loss: 0.70091
- Take Profit: 0.69540
The price might not go up to the breakout level, but keep going towards the downside from where it is now. However, sellers must wait to get the signal at the breakout level to take the entry. They must not think an opportunity missed if the price keeps going down from where it is now. Risk management is an important part of trading. Taking an entry without a pullback would be less rewarding, but riskier.
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