EURAUD has been heading towards the North for last 9 trading days. On its way, the price had 2 corrective waves as well. After having a very bullish day yesterday, the price seems to have started having another correction and it is roaming around a level which has potential to be a strong level of support. Let us have a look at the H4 EURAUD chart.

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

Yesterday’s massive bullish candle which broke the level of 1.59990 attracts the buyers again to look for long opportunities. The price went up to the level of 1.60680 and produced a bearish candle which apparently an inside bar. All the candles produced after that inside bar are held by the level of 1.59990. This is significant. Now buyers are going to wait to get an H4 bullish engulfing candle right on the flip over support level. After that, an H1 breakout at the level of 1.60680 would be the signal to go long on the pair. Let us have a look at the summary of the trade...

• Buy Stop Order: 1.60640
• Stop Loss:  Below 1.59835
• Take Profit:  1.61740

A drawback of trading on the H4 chart is not getting a number of entries. On an average, maximum 6-8 entries could be triggered in a month if we eye on about 15 pairs.  However, good thing is the winning ratio is about 90%. This is very important and traders must count this. Traders should never forget that it is not about the quantity, it is all about quality. Click Here to learn more about Elite Swing Trader

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