Free Forex Trade Signals CADJPY – 18th Nov 2019
CADJPY produced an engulfing daily candle last Friday. Thus, the H4 chart looks bullish. Today’s first H4 candle came out as a bullish Marubozu candle. If the price consolidates and makes an upside breakout at today’s highest high, the buyers may get an opportunity to go long on the pair. Let us have a look at the H4 CADJPY chart.
This trade idea was generated by our powerful Elite Swing Trader System.
The price went up to the level of 82.330. As of writing, the current H4 candle is being an Inside Bar. If the price comes back to the level of 82.170 and produces an H4 bullish reversal candle, an H1 breakout at the level of 82.330 may push the price towards the level of 82.770 with good bullish momentum. Trade Summary:
- Entry: H1 breakout at the level of 82.330
- Stop Loss: Below 82.170
- Take Profit: 82.770
The pair made an early breakout. An early breakout is never good. The buyers must wait for the level of support to be held and an H4 bullish reversal candle at the support. The third thing is the upside breakout. The entry shall be triggered upon a breakout at today’s highest high. In our shared trade setup, we always recommend that an entry shall be triggered after a breakout. If the price starts having a correction at the early sessions, it is most likely that the price goes towards the existent trend and makes a breakout. Since the price makes an early breakout in today’s setup, it may continue its correction and not be held by the support level. The fact remains, the existent trend is very bullish. If things go according to the shared setup, it is most likely that the buyers grab some green pips.
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