Elite Swing Trader NZDUSD – 20th June 2019
NZDUSD has been bullish on the H4 chart. The H4 chart shows that a double bottom was formed earlier. The breakout at the neckline of the double bottom has been pushing the price towards the North with a good pace. Today’s price action has been bullish as well. Thus, there is a good possibility that the price would head towards the North further upon another upside breakout. Let us have a look at the H4 NZDUSD chart.
This is another trade idea generated by the Elite Swing Trader.
Today’s first H4 candle has come out as a good-looking long bullish candle. The price has been trying to make a correction. If the current candle ends up being an inside bar and closes above the level of 0.65570 and an H4 bullish engulfing candle is produced later at that level breaching today’s highest high, then buying the pair will get us some green pips. Let us have a look at the summary of the trade…
- Buy Stop Order: 0.66115
- Stop Loss: Below 0.65847
- Take Profit: 0.66115
The price may go up a little and then came back to the support level. In that case, the breakout level would be different. Bottom line is today’s highest high is the level which has to be breached by the engulfing H4 candle. However, the support level would remain the same unless the price goes too further up. As long as we get an inside bar or two inside bars as corrective candle/candles and the support level produces an H4 bullish engulfing candle breaching today’s highest high, the trade setup will remain valid.
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