Elite Swing Trader NZDUSD – 8th July 2019
NZDUSD produced a huge bearish candle on last Friday. On the H4 chart, the price has been heading towards the North. It seems that the price has been having an upward correction. The breakout level which was breached on Friday may play an important role. If the level is held by the H4 candles and it produces an H4 bearish engulfing candle, the price, then would go towards the South. Let us have a look at the NZDUSD chart.
This is another trade idea generated by the Elite Swing Trader.
The level of 0.66545 was breached by a good-looking bearish candle which was followed by another bearish candle afterwards. The price then started heading towards the North. By looking at the candles and buying momentum, it seems that the price is having a correction. The level of 0.66545 is to be held by the H4 candles and if the level produces an H4 bearish engulfing candle, then the price would come down with good bearish momentum. Let us have a look at the summary of the trade…
- Sell Stop Order: 0.66014
- Stop Loss: 0.66554
- Take Profit: 0.65565
The signal might not come today. It may come tomorrow. Since we are not going to wait for any breakout here, so the signal candle has to be an engulfing candle. Without having an engulfing candle right at the resistance level, the trade setup is not valid. Let us wait and hope that we get an H4 bearish engulfing candle.
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