Swing Trading Strategy EURGBP – 10th April 2019
EURGBP has been bullish on the H4 chart. The price has been heading towards the upside by making new breakouts. Good thing is the price has been having a little consolidation before making a good move. This is what gives traders more confidence in taking entries. Yesterday’s daily candle came out as a spinning top. By looking at the other factors, it seems the pair is still with the bull on the H4 chart. Let us have a look at the H4 EURGBP chart.
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As the chart shows that the level of 0.86510 has become the level of resistance here. The level of 0.86215 has the potential to be the level of support. This means 0.86510 to 0.86215 zone would be the consolidation zone. If that happens, then an H4 bullish engulfing candle at the support level and an H1 breakout at the level of resistance would be the signal to take a long entry. Let us have a look at the summary of the trade…
- Buy Stop Order: 0.86503
- Stop Loss: 0.86071
- Take Profit: 0.87003
The level of potential support for the consolidation that we have marked here may be held by the H4 candles in two ways. One that the price never goes beyond that level, another one price goes down that level, but comes back within the very next H4 candle. The second one is most likely to happen. In both cases, shard chart setup is valid to take the long entry as recommended.
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