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Thursday, July 5, 2018

[FOREX TIP] GBPJPY Price Action Analysis – 6th July 2018

GBPJPY has been Bullish on the H4 chart. The price has been going upward by maintaining an up trending Trend line. Today’s first H4 candle came out as a Pinbar. The current candle went down to the Support level and it seems like that it would end up being a Bullish H4 candle. If that really happens and we get an H4 Bullish Engulfing Candle here, then an H1 breakout towards the upside would offer us a long entry. Let us have a look at the summary of the trade…

GBPJPY Price Action Analysis – 6th July 2018

GBPJPY Price Action Analysis – 6th July 2018

See the upward movement of the price on the H4 chart. After having a correction, the price seems to have been maintaining that up trending channel. The level of 146.065 has been the Support so far. If this level produces an H4 Bullish Engulfing Candle, and we get an H1 breakout at the level of 146.838. Then the price would reach the level of 147.835. Let us have a look at the summary of the trade…

  • Buy Stop Order: 146.838
  • Stop Loss: 146.065
  • Take Profit: 147.835
  • 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

If we look at the price movement on this chart, we see that the first Bullish wave was strong towards the upside. Then, the price has been going to towards the upside, but the movement has been slow. It is called Bullish Divergence. The trend is still Bullish as long as that up trending Trend line is maintained. However, this is a sign that the trend might end up soon.

GBPJPY Price Action Analysis – 6th July 2018

The post GBPJPY Price Action Analysis – 6th July 2018 appeared first on Advanced Forex Strategies.



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[FOREX TIP] EURUSD Price Action Analysis – 5th July 2018

EURUSD has been on a range on the Daily and the H4 chart. Today’s price action seems that the price is having a correction towards the downside. There is a level, which has the potential to be a strong level of Support. If that really happens and we get an H4 Bullish Engulfing Candle from that level, then an H1 breakout at yesterday’s higher high would be the signal to go long on the pair today. Let us have a look at the H4 EURUSD chart.

EURUSD Price Action Analysis – 5th July 2018

EURUSD Price Action Analysis – 5th July 2018

As we see that the price has been ranging. The level of 1.16810 seems to be the level of Resistance here and the level of 1.16425 might be the level of Support today. If the level of 1.16425 becomes the Support and it produces an H4 Bullish Engulfing Candle, then we should wait for an H1 breakout at the level of 1.16810 to take the long entry. Let us have a look at the summary of the trade…

  • Buy Stop Order: 1.16810
  • Stop loss: 1.16425
  • Take Profit: 1.17430
  • 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

If the price starts trending from bit up than the potential Support level, then the price might not go all the way. That is why it would be best if the price comes to the level that we have marked here and starts going towards the upwards. The breakout should look like a strong breakout too since this is a very strong level of Resistance. There is a saying “The stronger the Support/Resistance, the harder the breakout is.”

EURUSD Price Action Analysis – 5th July 2018

 

The post EURUSD Price Action Analysis – 5th July 2018 appeared first on Advanced Forex Strategies.



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