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USDCHF, being bearish on the H4 chart for a long time, seems to have started making an upward move. In fact, the pair produced two consecutive H4 bullish engulfing candles after making a double bottom. It might be the time for a correction. If the price makes a good wave of correction, and produce an H4 bullish engulfing candle at the flip over support level, then an H1 breakout would lead the price to go towards the North. Let us have a look at the H4 USDCHF chart.
The level 0.99380 has become the level of resistance. On the other hand, the level of 0.99000 was the level which got broken earlier. If the price comes back to the breakout level and produces an H4 bullish engulfing candle right there, then an H1 breakout at the level of 0.99380 would be the signal to take a long entry. Let us have a look at the summary of the trade
- Buy Stop Order: 0.99380
- Stop Loss: 0.99000
- Take Profit: 0.99970
- Validity: 72 hours
- Whenever possible, move the stop loss to the entry price and whenever you want, you can take profit anytime as long as you feel comfortable
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Take profit target has been set at 0.99970. In fact, the next strong resistance level is at 1.00000. However, we set our stop loss 3 pips ahead. The reason for this is 1.00000 is a huge psychological level. A sudden gap on either side could take place. Thus, it is better to set the target bit ahead of that level and come out early. Safety first this is what we always need to keep in mind.
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