NZDJPY was bullish on the H4 chart in the last week. The price seems to have found its resistance since a very dominant bearish pin bar has been produced right at the resistance level. After that pin bar, the price has been bearish. However, there is an up trending trend line which needs be broken for the sellers to go short on NZDJPY. Let us have a look at the H4 NZDJPY chart.
This is another trade idea generated by the Elite Swing Trader.
See that pin bar which has a long wick getting a rejection from the North. The very next candle came out as a bearish candle. The current candle has been bearish as well. If the price keeps coming towards the South and makes a breakout at the drawn trend line, then sellers may have an opportunity to go short once the price makes a pullback and another H4 bearish candle breaching the lowest low of the potential bearish wave. Let us have a look at the potential level of breakout, resistance and support level…
- Sell order: 72.404
- Stop Loss: 72.700
- Take Profit: 72.191
The recommended levels may vary. However, as long as we get a breakout, pullback and the signal candle, the trade setup is valid. One more calculation is to be done here which is the risk and reward ratio. There have to be enough pips left between the signal candle closing and resistance level.
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