Breakout Trading Signal USDCHF – 14th March 2019
USDCHF has been bearish for the last two days. The H4 chart suggests that the price might go towards the South since the trend started with a double top. The last consecutive 4 candles came out as solid bearish candles as well. This means a consolidation and then a breakout towards the South will be a signal for the sellers to go short on the pair. Let us have a look at the H4-USDCHF chart.
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Look at the double top and the bearish momentum. The price came down to the level of 1.00250 by producing consecutive H4 bearish candles yesterday. On its way, the level of 1.00470 which is very significant level got broken. This level might play an important role by becoming flip over resistance. I assume this would be the level of resistance of the consolidation. Thus, an H4 engulfing candle right on that level and a breakout at the level of 1.00250 would make the price go towards the level of 0.99900 without having that many pauses. Let us have a look at the summary of the trade…
- Sell Stop Order: 1.00250
- Stop loss: 1.00470
- Take Profit: 0.99900
Today’s market could get shaky since there is an event called “Parliament Brexit Vote”. Brexit being an extremely significant issue, this could create volatility not only on the GBP but also on other currencies as well. Trading plan has to be done and maintained meticulously. GBP pairs should be traded cautiously.
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