Elite Swing Trader NZDJPY – 11th June 2019
NZDJPY produced a huge bearish engulfing daily candle yesterday. The price was moving towards the South with good momentum. The chart suggests that the sellers are going to wait to sell the pair today whenever opportunities come. The H4 chart shows that the price seems to have a consolidation as well. Thus, it might be the time for the H4 traders to get ready to sell the pair. Let us have a look at the H4 NZDJPY chart.
This is another trade idea generated by the Elite Swing Trader.
Yesterday, the pair produced 6 consecutive H4 bearish candles. The level of 71.565 has been held by the price and this is where the price has started having a consolidation as it seems. The level of 71.710 might come into play and hold the price as a level of resistance. If that happens and the level ends up producing an H4 bearish engulfing candle, then an H1 breakout at the level of 71.565 would push the price to go towards the level of 71.145.
Let us have a look at the summary of the trade
- Sell Stop Order: 71.525
- Stop Loss: 71.800
- Take Profit: 71.142
Tip of the Day: The level of resistance that we have marked here is a flip over resistance. However, the price might go further up. If it does, the setup is still valid as long as we get the breakout at the level of 71.565. The first H4 candle had a rejection from a level which might be tested by the price again. Let us wait and see what happens in the end.
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