USDCHF has made an H4 breakout at yesterday’s highest high. The price may come down up to the breakout level. If that happens, then an H1 bullish engulfing candle at the breakout level would be the signal for the buyers to go long on the pair. Let us have a look at the H4 USDCHF chart.
This is another trade idea generated by the Elite Swing Trader.
The chart shows that the price was about to get a rejection from the level of 0.97745. This was the level where the price had a rejection earlier as well. Matter of fact is the price went towards the North and made an upside breakout. The breakout took place right from yesterday’s highest high. Thus, there is a strong possibility that the price might have a pullback up to the breakout level. If an H1 bullish engulfing candle is produced at the breakout level, then buying the pair would get us some green pips. Let us have a look at the summary of the trade…
- Buy Stop Order: 0.97960
- Stop Loss: 0.97445
- Take Profit: 0.98452
This is the second week of August. So far the market has been quiet. We have not seen that many breakouts or potential entries in last two weeks. I assume rest of the days of this month would be more eventful. Meanwhile, we have to be very patient and must not get carried away. Let us keep eyeing on the market with patience. Patience is required to be able to keep money that we earn from the market.
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