Elite Swing Trader Trade Signals GBPNZD – 12th August 2019
GBPNZD has been bearish on the H4 chart. The price has been having a consolidation. Today’s price action has been bearish as well. If the price continues heading towards the South by making a downside breakout, the sellers may find an opportunity to go short on the pair later today. Let us have a look at the H4 GBPNZD chart.
This is another trade idea generated by the Elite Swing Trader.
The price had a bounce at the level of 1.85790. On the other hand, the level of 1.86620 has been working as a level of resistance. If the price continues its journey towards the South by making a breakout at the level of 1.85790, the sellers shall wait for a pullback. After making the breakout, the price is to come back at the breakout level again and to produce an H1 bearish engulfing candle to offer a short entry. Let us have a look at the summary of the trade
- Sell Stop order: 1.85806
- Stop Loss: Above 1.86620
- Take Profit: 1.84445
The pullback shall take at least four hours after the breakout. It means the signal should come at least four hours later after the breakout. It does not usually take place before an H4 candle finishes. However, if it does, we shall wait for the H4 corrective candle to be closed to trigger our entry. Thus, the earliest the signal candle may be produced at the New York open. It may come one or two hours later than that as well.
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