Free Forex Trade Signals USDCHF – 21st Oct 2019
USDCHF has been bearish on the H4 chart. Last Friday’s daily candle closed with a strong bearish tone. Today’s first two H4 candles came out as corrective candles being held by a level that has the potential to produce an H4 bearish reversal candle. If the level ends up producing an H4 bearish reversal candle followed by an H1 breakout at the lowest low, selling the pair may get us some green pips. Let us have a look at the H4 USDCHF chart.
This trade idea was generated by our powerful Elite Swing Trader System.
On last Friday, the price came down at 0.98370. Today’s price started its trading day with an upside gap and the first two H4 candles came out as bullish candles. The level of 0.98610 is held by the minor charts. If the level keeps being held and produces an H4 bearish candle followed by an H1 breakout at the level of 0.98370, then the price may head towards the level of 0.98000 with good bearish momentum. Let us have a look at the summary of the trade…
- Sell Stop Order: 0.98394
- Stop Loss: 0.98926
- Take Profit: 0.98005
Usually, gap and price action trading do not go together. When a gap occurs, it gets tough to read the chart as far as price action is concerned. Today’s gap in USDCHF should not matter since the price gap remained between the last H4 candle. If the last H4 candle had been engulfed by the price gap (towards the downside or upside), it would not have been a chart to keep an eye at as far as price action trading.
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