Swing Trading Strategy USDCHF – 17th April 2019
USDCHF had a very bullish day yesterday. Yesterday’s as well as day before yesterday’s daily candles both look bullish and surely attracts buyers to look for long opportunity on the pair. A consolidation/correction is what buyers are going to wait for. As thing seems, the price might have started having a consolidation. Let us have a look at the H4 USDCHF chart.
This is another trade idea generated by the Elite Swing Trader.
The price action suggests that the price has been heading towards the North with good buying pressure. However, correction waves have been long. Today’s correction might not be a long one. The chart suggests that there is a level nearby which has the potential to be the level of support. The price had a rejection from the level of 1.00805. The price was held for two more candles after that. Thus, the price might consolidate here and the level of 1.00630 might be the level of support. If that happens, then we may wait for an H1 breakout to take place at 1.00805 to take a long entry. Let us have a look at the summary of the trade…
- Buy Stop Order: 1.00810
- Stop Loss: Below 1.00556
- Take Profit: 1.01325
If an H4 candle makes the breakout, then we may wait for a consolidation at the breakout level and an H1 bullish reversal candle to take the long entry. If we get an H4 bullish engulfing candle at the support level closing below our desired breakout level, then H1 breakout as described on this trade setup is good enough to take the entry.
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