Free Forex Trade Signals AUDUSD – 17th Sept 2019
AUDUSD has been bullish on the daily chart. However, yesterday’s daily candle which started with a gap ended up as a Doji candle. The bullish move could have been resumed from there, but today’s H4 price action suggests that the price may head towards the South today. Let us have a look at the H4 AUDUSD chart.
This trade idea was generated by our powerful Elite Swing Trader System.
Today’s second H4 candle made a breakout at yesterday’s lowest low. Today’s first H4 candle came out as an Inverted Hammer. Thus, the price may go towards the breakout level again to have a correction. Once the correction gets over, if we get an H1 bearish engulfing candle, then selling the pair would get us some green pips with an excellent risk and reward ratio. Let us have a look at the summary of the trade…
- Sell Stop Order: 0.68343
- Stop Loss: Above 0.68574
- Take Profit: 0.68075
When a trend starts with an H4 engulfing candle, an H1 breakout is enough to take an entry. On the other hand, if a trend starts with an Inside Bar, Hammer, Inverted Hammer, Spinning Top, and Pin Bar, the price usually makes a correction. In this trade setup, an H4 correction is needed. This means the next H4 candle after the breakout is to be held by the breakout level. If it is held and the level produces an H1 bearish engulfing candle (for H4 chart trading) that would be an excellent signal for the sellers to go short. This is called ABC or 123 trading pattern which is one of the favorite trading patterns among the price action traders.
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