Elite Swing Trader EURUSD – 19th July 2019

EURUSD had a bullish day yesterday. The daily candle came out as a bullish engulfing candle from a strong level of support. The H4 chart shows that the price headed towards the North after making a double bottom. The neckline got breached by a very commanding bullish candle. The price has started having correction as well. This means an H4 bullish engulfing candle at the breakout level may push the price to go towards the North again. Let us have a look at the H4 EURUSD chart.

This is another trade idea generated by the Elite Swing Trader.

The level of 1.12390 is the neckline of the double bottom. After being broken, the price came down up to the level and had a strong bounce as well. If the price comes back to the level again and produces an H4 bearish engulfing candle, then buying the pair would get us some green pips. Let us have a look at the summary of the trade

• Sell Stop Order: 1.12306
• Stop Loss: 1.12535
• Take Profit: 1.12023

We are not going to wait for any breakout here. As long as we get an H4 bullish engulfing candle at the breakout level, we may take the entry right after the candle closes. This is an ‘ABC Pattern’ trade setup. Typically, it offers 1:2 risk and reward ratio. This is a trade setup which usually gets high liquidity. Thus, it does not take that long to hit the target.

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