Elite Swing Trader Signals AUDUSD – 13th May 2019

Elite Swing Trader Signals AUDUSD – 13th May 2019

AUDUSD has been trapped within a range on the H4 chart. The price is roaming around a level where it bounced 2 times already. The last H4 candle closed within the support line too. As things stand with AUDUSD, the pair might go towards the upside by making a breakout at the range’s resistance level. Let us have a look at the H4 AUDUSD chart.

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Elite Swing Trader Signals AUDUSD – 13th May 2019

Elite Swing Trader Signals AUDUSD – 13th May 2019

The price got held by the level of 0.69675 two times already. The very last H4 candle (the current candle) has been bullish so far. One before that closed within the support line. This means the support line could end up producing a triple bottom.  If we consider the last double bottom, then the level of 0.70190 is the neck line of it. If the price continues to go towards the upside and makes an H4 breakout at the level of 0.70190, then buying the pair would get some green pips for the buyers. Summary of the trade…

  • Entry: H4 breakout at 0.70193
  • Stop Loss: 0.69628
  • Take Profit: 0.70689

Many traders may want to take an entry right after an H1 breakout here. This may give a better risk and reward ratio, but gives less winning ratio. If the entry is taken after an H4 breakout that usually gives better winning ratio. As I always say, it is a trader’s personal preference how he wants to deal with his trade management. Both are good having their own pros and cons. Now choose the one that suits you best.

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