Swing Trading Strategy USDJPY – 4th April 2019
USDJPY has been heading towards the North by producing some good-looking H4 bullish candles. The pair has had consolidation; made breakout and gone towards the North for 3 times so far in the last 7 trading days. It seems that the price has been on consolidation again. If we get another breakout towards the North, then buying the pair would get us some green pips. Let us have a look at the H4 USDJPY chart.
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The level of 111.585 is the level of resistance and the level of 111.290 is the level of support here. If the level of support produces an H4 bullish engulfing candle and an H1 breakout takes place at the level of 111.585 afterwards, then the price would head towards the level of 112.050 without having that many pauses. Let us have a look at the summary of the trade…
- Buy Stop Order: 111.566
- Stop Loss: 111.268
- Take Profit: 111.995
Some days ago, we shared a trade setup based on ‘Head and Shoulder’ pattern. Today’s trade setup is based on reverse ‘Head and Shoulder’. They work exactly in the same way for opposite direction. Reverse Head and Shoulder pattern indicates bullish market. Another important thing to remember that ‘Head and Shoulder’ pattern needs some adjustments too. Neck, shoulder lengths may vary. Thus, sometimes a ‘Head and Shoulder’ might not be like a typical ‘Head and Shoulder’ pattern. We need to be able to find out the differences and spot it out.
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