Elite Swing Trader Trade Signals GBPJPY – 13th August 2019
GBPJPY has been having a strong bearish trend on the H4 chart. The price has kept making lower lows. At the moment, the price has been having a consolidation. To go more with it, the price is right at a significant level of resistance. If the price produces an H4 bearish reversal candle and makes a breakout at the lowest low, the sellers may find another opportunity to go short on the pair. Let us have a look at the H4 GBPJPY chart.
This is another trade idea generated by the Elite Swing Trader.
The price came up to the level of 126.500 and had a bounce. The level of 127.420 has been working as a level of resistance here. Several H4 candles have been held by the level. If the level continues to hold the price and keeps pushing the price towards the South to make a breakout at the lowest low, the sellers shall wait for an upward pullback at the breakout level and wait for an H1 bearish engulfing candle to take a short entry. Let us have a look at the summary of the trade…
- Sell Stop Order: 126.544
- Stop Loss: Above 127.420
- Take Profit: 125.532
The price has to travel a lot to make the breakout in this trade setup. Thus, the signal might take time to be produced. It may even be produced tomorrow. Let us patiently wait and keep our eyes on the pair whether it makes the breakout and offer us the entry or not.
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