Elite Swing Trader GBPJPY – 27th May 2019

GBPJPY has been heading towards the North after being very bearish on the H4 chart. The price might get held soon since there is a level nearby at which the price reacted heavily earlier. If the level is held and it ends up producing an H4 bearish engulfing candle, then an H1 breakout would push the price to go towards the South further. Let us have a look at the H4 GBPJPY chart.

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

After the long bearish move, the price had a consolidation. However, it did not make a move towards the downside to make a breakout. It rather has been going towards the North. The level of 139.690 may come and play an important role here. See how the price reacted to this level earlier. The level is not too far from the price. If the price is held by the level and it ends up producing an H4 bearish engulfing candle, then an H1 breakout at the level of 138.490 would drive the price to go towards the level of 136.575 without having that many pauses. Let us have a look at the summary of the trade…

• Sell Stop: 138.509
• Stop Loss: 139.684
• Take Profit: 136.575

Tip of the Day: This is the first trading day of the last week of May. I assume this week might be a good week for the traders. We might get a number of breakouts and entries. Thus, fasten your seatbelt and concentrate hard on your chart to find and get those entries this week. Also, since the TP is really far away, be sure to manage this trade by moving your stop loss to break even when you are 50 pips into profit.

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