Swing Trading Strategy GBPAUD – 9th April 2019
GBPAUD made a bearish move on the H4 chart. The price is right at a level of support where it had a bounce earlier. Now if a breakout towards the South takes place, then the price would head towards the South with huge selling pressure. Let us have a look at the H4 GBPAUD chart.
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As the chart shows that the price had number of bounces at the level of 1.82930. Today’s first H4 candle came out as a little bullish candle. The current candle seems to very bearish. If the price continues being bearish and makes an H4 breakout at the level of 1.82930, then the price would head towards the level of 1.82000 without having that many pauses. Let us have a look at the summary of the trade…
- Sell Stop Order: 1.82759
- Stop loss: 1.83667
- Take Profit: 1.81941
After the breakout, the price might come back to the level of breakout and make another move towards the South. Many traders love to take the sell entry then. That is more confirmed entry. However, in many cases the price does not come back to the breakout level, but continues to go towards the South. In this case, taking an entry could be bit risky. The choice is really yours. In my opinion, it is better to take the entry after having the second confirmation. I mean to say, first breakout, then consolidation/correction, then taking the entry would be more confirmed entry.
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