EURAUD made an H4 breakout at a massive level of resistance yesterday. The price has been having a correction as well. The breakout level is very nearby. If that breakout level is held and it ends up producing an H4 bullish engulfing candle, then an H1 breakout at yesterday’s highest high would push the price to go towards the North further. Let us have a look at the H4 EURAUD chart.
This is another trade idea generated by the Elite Swing Trader.
It is very clear that the level of 1.59505 was the level which acted as a strong level of resistance. The price got rejected from that level twice. Then, yesterday a massive candle went up to that level and the next candle made the price came out of the level. The price started having a correction and it produced 2 bearish candles so far. The current H4 candle seems to be a bearish one, but it might end up being an H4 engulfing candle. In that case, the price is to come bit lower and touch the breakout level. In a word, the breakout level is to be held and produce an H4 candle which is to be followed by an H1 breakout at the level of 1.59935 to offer a long entry. Let us have a look at the summary of the trade…
- Buy Stop Order: 1.59890
- Stop Loss: 1.59396
- Take Profit: 1.60615
Most probably the current H4 candle may come out as an H4 engulfing candle. However, if that does not happen, we should wait for the next H4 candle to be an H4 engulfing candle. The idea is as long as the breakout level is held, the trade setup is valid.
Click Here to learn more about Elite Swing Trader
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…
Claim Your $60 No Deposit Bonus Here
All you need is to have your live account verified!
Of course, you need to open a live account...
2 Brokers that we like A LOT!
USD30 from each Forex Broker Below.
Both Forex Brokers have excellent rating!
We use both of these brokers and proudly promote them!
NOTE: Not all countries qualify for these bonuses. Terms and Condition Applies.Other Analysis Today