Swing Trading Strategy USDCAD – 16th April 2019
USDCAD made a huge bullish move yesterday. On the H4 chart, the price action suggests that the price seems to produce a double bottom. In fact, that long and solid bullish H4 candle has been produced right at the support level. This means a breakout towards the upside might push the price towards the North further. Let us have a look at the H4 USDCAD chart.
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Yesterday’s bullish H4 candle has set a bullish tone here. The level of 1.33885 is a very strong level of resistance where the price reacted a number of times. The buyers are going to wait for a breakout at this level. The level of 1.33630 is the level of support here, which has already produced an H4 bullish candle. Since it is not an H4 engulfing candle, thus after an H1 breakout we need to wait for a consolidation and then another H1 bullish engulfing candle to be produced at the breakout level to offer us a long entry. Let us have a look at the summary of the trade….
- Buy Stop Order: 1.34022
- Stop loss: 1.33608
- Take Profit: 1.34527
The produced H4 candle at the support level is assumed an engulfing candle by many traders. To me, it is not an engulfing candle since it closed within the bearish candle’s wick. The candle looks very bullish, but it is an Inside bar. Thus, I am assuming a consolidation and another signal here to be on the safer side.
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