Elite Swing Trader GBPJPY – 10th July 2019
GBPJPY had a bearish day yesterday. The price has had a correction on the H4 chart as well. To go more with it, it has produced an H4 bearish engulfing candle right at a level, which is a very significant level of resistance. The price reacted at that level a number of times. Thus, a breakout at the lowest low would drive the price to go towards the South. Let us have a look at the H4 GBPJPY chart.
This is another trade idea generated by the Elite Swing Trader.
The level of 135.730 is the resistance level. The price reacted at the level a number of times as well as it produced an H4 bearish engulfing candle. If the price continues to further down and makes an H4 breakout at the level of 135.345, then the price may head towards the level of 134.830 without having that many pauses.
Let us have a look at the summary of the trade
- Sell Stop Order: 135.407
- Stop Loss: 135.839
- Take Profit: 135.166
The price had a bounce twice at the support level. Thus, it is a level of support on the daily chart as well. I assume it might be a very strong breakout. If the H4 breakout candle goes too far down, a little correction on the intraday time frames may occur. This would allow us to sell the pair at a better position and get us a better risk and reward ratio. In this case, we might switch to the H1 chart and sell the pair after getting an H1 bearish reversal candle.
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