Elite Swing Trader GBPJPY – 21st June 2019
GBPJPY produced a Double Top and the Neckline level was breached by an H4 candle yesterday. After having a consolidation after the neckline breakout, the price needs to produce an H4 bearish reversal candle from the breakout level to offer a short entry today. Let us have a look at the H4-GBPJPY chart.
This is another trade idea generated by the Elite Swing Trader.
The level of 136.390 is the Neckline level of the Double Top. It was breached by an H4 candle. The very next candle came out as a little bearish candle as well. The green candle is today’s first H4 candle. The current candle seems to be a strong bearish candle. If it closes below the level of 135.940, then the price would head towards the level of 135.080 with a good pace. If the current candle ends up being a bearish reversal candle, then the resistance level is to be breached on the next H4 candle. Let us have a look at the summary of the trade…
- Sell Stop Order: 135.987
- Stop Loss: 136.555
- Take Profit: 135.426
It would be best if the breakout takes place by a single candle. However, it may take two candles to make the breakout as well. Usually, it takes two candles (one is the reversal candle and other one is the breakout candle). In case of two candles, the momentum gets a bit sluggish. On the other hand, if the reversal candle and breakout candle take place on a single candle, the price moves with a good momentum.
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