EURUSD has been bearish on the H4 chart. The down trend started with a bearish pin bar. Afterwards, an engulfing H4 candles attracted more sellers to sell off the pair. The price might be in consolidation zone right now. This means if the price comes out by making a downside breakout, it would attract even more sellers this time. Let us have a look at the H4 EURUSD chart.
This is another trade idea generated by the Elite Swing Trader.
See the first candle of the trend. It was a bearish pin bar which was engulfed by the very next candle. The price then kept coming down and came up to the level of 1.11585. A bullish candle has been produced. However, it was held at the level of 1.11700. The current H4 candle seems to be a bearish one. If it continues like this and makes a breakout at the level of 1.11585, then selling the pair would get traders some green pips. Let us have a look at the summary of the trade…
- Sell Stop Order: 1.11600
- Stop Loss: Above 1.11734
- Take Profit: 1.11350
We may get an H4 bearish engulfing candle to get an H4 breakout here. In this case, an H1 consolidation may take place. The entry may be taken once the H1 consolidation is over and after an H1 bearish engulfing candle closing below the consolidation’s support level. Though that does not offer a very good risk and reward ratio, but winning percentage is above 90% on those cases.
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