EURJPY has been going downwards on the H4 chart. The price has kept making lower lows and it seems that the current H4 candle is going to make a breakout at yesterday’s lower low. If the breakout really takes place and we get an H4 Inside bar, then an H1 Bearish reversal candle would be signal to take a short entry later today. Let us have a look at the H4 EURJPY chart.
Have a look at the last candle. It is not finished yet, but the way it has been going, it seems that we are going to get a breakout at the level of 130.520. If this candle finishes below the level of breakout, then we would have to wait for an H4 corrective candle first and then an H1 Bearish reversal candle here to take a short entry. Let us have a look at the summary of the trade…
- Sell Limit Order: 130.520
- Stop Loss: 130.865
- Take Profit: 129.550
- Validity: 72 hours
- Whenever possible, move the stop loss to the entry price and whenever you want, you can take profit anytime as long as you feel comfortable
We have had an H1 breakout here so far. However, we are waiting for an H4 breakout. The H4 breakout has not happened yet since the candle is not finished. This is a common mistake, which is done by many traders. We must make sure that a candle is finished before we consider it as a breakout. To get a Daily breakout, a Daily candle has to finish below or above the breakout level and the same goes with the H4, H1, or even 15M candle.
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