Elite Swing Trader Trade Signals NZDCHF – 9th August 2019
NZDCHF made a strong bearish move on the daily chart. Yesterday’s daily candle closed as an inside bar. It might be time for an upside correction on the daily chart. Meanwhile, the H4 chart shows that an upside H4 breakout may take place. If that happens, the buyers may want to go long on the pair to grab some green pips. Let us have a look at the H4 NZDCHF chart.
This is another trade idea generated by the Elite Swing Trader.
The level of 0.62940 produced a bullish pin bar. If the level continues to work as the level of support and the price makes an H4 breakout at the level of 0.63419, then traders shall wait for a pullback up to the breakout level. An H1 bullish reversal candle right at the breakout level would be the signal for the buyers to go long. Let us have a look at the summary of the trade…
- Buy Stop Order: 0.63419
- Stop Loss: 0.62940
- Take Profit: 0.64027
We were eyeing to go short on the same pair just after the day when that huge bearish breakout took place. Since yesterday’s daily candle came out as a bullish inside bar. Thus, the sellers shall wait for at least one bearish daily reversal candle. Usually, when daily and H4 trends go towards the same direction, traders get more confidence with their entries. In this trade setup, the daily trend is still bearish. However, the sellers are not going to jump into the market before getting a daily bearish candle. Meanwhile, the buyers of the H4 chart traders may take the opportunity to go long and grab some green pips. It all depends on the potential H4 breakout and pullback though. Let us wait and see how it plays.
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