AUDJPY has been bullish on the H4 chart for the last 15 days. However, the corrections are longer than the usual. The last bullish wave on the H4 chart is the longest among rest of the waves. The correction might be the smallest one here. The price, in fact, is at the level which has the potential to be held and produce an H4 bullish reversal candle.  If that happens, then an H1 breakout towards the North will get us some green pips. Let us have a look at the H4 AUDJPY chart.

This is another trade idea generated by the Elite Swing Trader.

The chart shows that the last bullish wave is the longest one which broke a double bottom as well. The price then went up to 80.450 and started having correction. It seems that the price already has had a bounce from the level of 80.165. This is a significant level considering other factors. This means if this level ends up producing an H4 bullish engulfing candle, then an H1 breakout at the level of 80.450 would lead the price to go towards the level of 80.950. Let us have a look at the summary of the trade...

• Buy Stop Order: 80.493
• Stop Loss:  80.192
• Take Profit: 80.950

We might get an H4 bullish engulfing candle closing above our desired breakout level. If this is the case, then we would have to wait for a correction and another breakout on smaller time frames such as 15M. It makes us wait more, but it offers better winning percentage. Click Here to learn more about Elite Swing Trader

Another Alternate Way to Approach this AUDJPY Trade Idea

Instead of waiting for the breakout, another possibility is for AUDJPY to retrace back to the previous swing high which now should act like the support zone. So this is another order that we might consider entering...

• Buy Limit Order: 80.493
• Stop Loss:  80.192
• Take Profit: 80.950

The Elite Swing Trader Trading Dashboard

With the Indicator, you can now have multiple charts open and wait for the Elite Swing Trader will highlight potential trades to your attention. Of course, without saying, you do not trade every signals. Instead, this is a massive time saver. You decide on the trades to take. This is a time tested Ever Green Swing trading system. Learn more here...