AUDUSD has been Bullish on the H4 chart. The price has been obeying an up trending Trendline and keeps making higher highs. Today’s first two H4 candles came out as Bullish candles. Moreover, one of them made an upside breakout. If the breakout level is held by the current H4 candle and it produces an H1 Bullish Engulfing Candle, then buying the pair would get us some green pips. Let us have a look at the H4 AUDUSD chart.
The level of 0.74440 has been broken by the last H4 candle. It is time for the price to make some correction. If the current H4 candle comes out as an Inside bar and the price comes back to the breakout level, then an H1 Bullish Engulfing Candle would be the signal to take the long entry here. Let us have a look at the summary of the trade…
- Buy Limit Order: 0.74440
- Stop loss: 0.74280
- Take Profit: 0.74750
- Validity: 72 hours
- Whenever possible, move the stop loss to the entry price and whenever you want, you can take profit anytime as long as you feel comfortable
If we look at the price movement on this chart, we see that the first Bullish wave was strong towards the upside. Then, the price has been going to towards the upside, but the movement has been slow. It is called Bullish Divergence. The trend is still Bullish as long as that up trending Trend line is maintained. However, this is a sign that the trend might end up soon.
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