Elite Swing Trader Trade Signals CADCHF – 8th August 2019
CADCHF after being bearish on the daily chart seems to have found a level of support on the daily chart. The price had a bounce twice on that level of support on the H4 chart too. This means H4 chart’s price action suggests that the double bottom may push the price towards the North.
Today’s intraday price action has been choppy. However, today’s two H4 candles have been held by a significant level of support. Thus, if the price starts going towards the North and makes an H4 breakout at yesterday’s highest high, then buying the pair may get us some green pips. Let us have a look at the H4 CADCHF chart.
This is another trade idea generated by the Elite Swing Trader.
The level of 0.73082 is a flip-over support level which has held H4 candles so far. A spinning top has been produced right at the level as well. If an H4 candle breaches through the level of 0.73495, the price may go towards the level of 0.74024. Let us have a look at the summary of the trade…
- Buy Stop Order: 0.73495
- Stop Loss: 0.73082
- Take Profit: 0.74024
Using multiple charts in trading is handy. Using the daily and the H4 chart or the H4 and the H1 chart ensure good entries and better risk and reward ratio. If the daily chart is used to determine a trend, the H4 chart shall be used to trigger an entry. The H4 and the H1, the H1 and the 15M chart are some well-known combinations in trading. Before you determine the direction to trade, it’s always wise to take a look at the bigger picture and in chart terms, it is always good to take a look at the higher time frames like D1.
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