Elite Swing Trader EURJPY – 11th July 2019
EURJPY has been having a correction on the daily chart. The correction has been obeying an up trending trend line. The price is still held by the trend line. However, H4 price action suggests that the price may make a breakout which would drive the price to go towards the downside. Let us have a look at the H4 EURJPY chart.
This is another trade idea generated by the Elite Swing Trader.
The way H4 price was heading towards the North, it is explicit that the price was having a correction on the daily chart. The up-trending trend line which was touched by the price twice is significant. The last H4 bearish wave seems to be coming down with good momentum. The current H4 candle has already challenged the trend line. If the price keeps going down and makes a breakout at the trend line, wait for an H4 corrective candle, then an H4 bearish engulfing candle to take a short entry. Let us have a look at the summary of the trade…
- Buy Stop Order: 121.800
- Stop Loss: 121.611
- Take Profit: 122.088
Breakout trading is very lucrative. Three important things to get on a chart to take a breakout entry are breakout, confirmation (corrective candle), signal candle. The breakout is to be taken place with a good commanding candle. The corrective candle is to be closed within the breakout candle and the signal candle is to close below the corrective candle (on a bearish chart).
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