Free Forex Trade Signals NZDJPY – 2nd Dec 2019
NZDJPY has been bullish on the daily chart for the last few days. On the H4 chart, the price has made a breakout at a long-held level of resistance. The price may come back at the breakout level and produce a bullish reversal to offer a long entry. Let us have a look at the H4 NZDJPY chart.
This trade idea was generated by our powerful Elite Swing Trader System.
The chart shows that the price has made a breakout at the level of 70.480. The pair is trading above the level now. The buyers are to wait to get a bullish reversal candle at the buying zone. If the price starts having a correction, the best level to hold the price and produce an H4 bullish reversal candle is the breakout level. The buyers may trigger a long entry upon an H4 bullish engulfing candle at the level of 70.480. Let us have a look at the summary of the trade…
- Buy Stop Order: 70.765
- Stop Loss: Below 70.356
- Take Profit: 71.100
This is an ABC pattern trade setup. The buyers are to wait for the C point. It seems that the AB has been formed. It may be extended a little. If it goes too far up, then the trade setup will be void. Typically, correction of up to 61.8% means the trend exists. If the price goes beyond 61.8%, most likely the trend will reverse. Let us wait and hope that the price starts its correction soon and produces that bullish reversal candle at the breakout level.
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