GBPCHF has been bullish on the H4 chart. The price had a long correction. After finding a level of support, it has been heading towards the North. Yesterday’s daily candle came out as a strong bullish candle. The price after having a consolidation produced a bullish reversal candle. If the price keeps pushing towards the North and makes a breakout at yesterday’s highest high, then the buyers may get an opportunity to go long on the pair. Let us have a look at the H4-GBPCHF chart.
This trade idea was generated by our powerful Breakout System, Pips Master Premier.
The price went up to the level of 1.20855 yesterday. It had a rejection from there and came up to the level of 1.20335. The bullish reversal candle seems to be strong enough to attract the intraday time frames traders to go long. If the price keeps going towards the North and makes a breakout at the level of 1.20855, buyers shall wait for a pullback followed by an H1 bullish engulfing candle right at the breakout level to take a long entry. Let us have a look at the summary of the trade…
- Buy Stop Order: 1.20855
- Take Profit:Â 1.21750
- Stop Loss: 1.20298
Buyers must wait for the price to come back at the breakout level to take the long entry. Without the pullback, the risk and reward ratio may not be lucrative. At the time of pullback, a trend is even gets changed. Thus, pullback and a bullish reversal candle are two things that we shall wait for here.
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