Elite Swing Trader Signals GBPUSD – 16th May 2019
GBPUSD has been on a strong bearish trend on the H4 chart. The price has kept making lower lows by making new breakouts towards the South. Yesterday’s daily candle came out as a strong bearish candle too. This means GBPUSD sellers still have the control over the buyers. Let us have a look at the H4 GBPUSD chart.
This is another trade idea generated by the Elite Swing Trader.
The H4 chart suggests that the price has kept making bearish moves after having a little consolidation. The price reached at the level of 1.28250 yesterday. A spinning Top was produced on that level. The level of 1.28635 has the potential to be the level of resistance. If the level is held and it ends up producing an H4 bearish engulfing candle, then an H1 breakout at the level of 1.28250 would drive the price to go towards the level of 1.27585 without having that many pauses. Let us have a look at the summary of the trade…
- Entry: H1 breakout at 1.28803
- Stop Loss: above 1.28253
- Take Profit: 1.27585
We often see that the price does not go all the way to our marked support/resistance zone. However, after making a breakout it travels to the level that was shown on our trade setup. Question is whether we should take those entries. Those entries may be taken by using other time frames such as 15M, 30M or H1. However, to be able to take the entry based on the H4 chart/candles that are shared by us the price has to go all the way to our marked support/resistance level to be safe with the stop loss level.
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