Elite Swing Trader Signals AUDCAD – 21st May 2019
AUDCAD has been heading towards the South with strong bearish momentum on the H4 as well as on the Daily chart. There was a price gap on the H4 chart to start this week. However, despite having a price gap the price is being held up by a level of resistance, which may play a very significant role for the price to make its next move.
This is another trade idea generated by the Elite Swing Trader.
The H4 chart clearly shows that the pair has been having a strong bearish move. There has not been long consolidation so far as well. However, yesterday the pair had a price gap. The daily candle came out as a bearish candle though. To go more with it, the level of 0.92910 has been held by the H4 candles. If the level ends up producing an H4 bearish engulfing candle and later we get an H1 breakout at the lowest low of the trend which is at the level of 0.92260, then the sellers will jump onto the pair to sell it off again and grab some green pips.
Let us have a look at the summary of the trade
- Sell Stop Order: 0.92296
- Stop Loss: 0.93006
- Take Profit: 0.91220
Usually gap is not a thing which is liked by the price action traders. The bigger the gap, the more the confusion is. Considering the length of the bearish wave here, the gap is not that big. If the wave was shorter than what it is now, then we would not have eyed on the pair to take an entry because of the gap.
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