Elite Swing Trader EURNZD – 5th June 2019
EURNZD has been bearish on the H4 chart. The pair has kept making the lowest low by making downside breakouts. Yesterday’s daily candle and today’s price action both show that the price has been heading towards the South with good momentum. It may be the time for the price to have consolidation. After the consolidation, the price would make another move towards South. Let us have a look at the H4 EURNZD chart.
This is another trade idea generated by the Elite Swing Trader.
The level of 1.69625 is the level of support here. On the other hand, the level of 1.69900 has the potential to be the level of resistance. If the resistance level is held and it ends up producing an H4 bearish reversal candle, then an H1 breakout at the level of 1.69625 would lead the price to go towards the level of 1.68855 without having that many pauses. Let us have a look at the summary of the trade…
- Sell Stop Order: 1.69493
- Stop Loss: 1.70011
- Take Profit: 1.68830
The first candle of the trend has been an inside bar. Thus, we may get another inside bar this time as well. If the reversal candle comes out as an Inside bar again, then we might not get an explicit breakout. We would rather get a breakout which may need some correction. However, if we get an H4 bearish candle as the reversal candle from the resistance level, then we do not have to wait for a correction. We may take the entry as soon as we get an H1 breakout if the reversal candle comes out as an engulfing candle.
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