Before you continue, we want to make sure you understand that this is a past trade idea found inside The Price Action Club which is a premium Price Action trade signal service. This post is 1 week delayed and this idea is no longer valid but the lesson is still valid. We post this to show you what is inside the Price Action Club. It would be awesome if you join us to learn and to trade our trade ideas. We hope to see you inside the Price Action Club soon. Click here to join us…
Join The Price Action Club Here…
GBPNZD Price Action Analysis – 15th Aug 2017
GBPNZD has been choppy on the Daily chart. The H4 chart seemed to be bullish though. There was a good bullish move towards the North and then the price had some corrections as well. Moreover, there is a Double bottom at a very important level of support on the H4 chart. This means the pair might offer us a long entry later today. Let us have a look at the H4 GBPNZD chart…
GBPNZD Price Action Analysis – 15th Aug 2017
See the level of 1.77450 has been held by number of H4 candles. It seems that the price has already produced a Doji candle. If we get an H4 bullish candle from right at this level, then a breakout at 1.78000 would attract the buyers to buy the pairs as far as the H4 chart is concerned. Let us have a look at the summary of the trade…
- Buy Stop Order: 1.78000
- Stop Loss Level: 1.77200
- Take Profit Target: 1.79800
- 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
This level of support is very significant. However, it did not produce an H4 Engulfing candle at the first place. This means buyers were little confused there. Now that it is going to form a Double top. This would attract the buyers again. Then again, it is important that the Neckline of the Double top is breached. Otherwise, it cannot be assumed as a Double top. At the first place, just an Engulfing candle would do, but over here a breakout along with an H4 Engulfing candle is needed to take the long entry according to this trade setup.
You can also take a look at our previous (and most likely profitable) Free Forex Trading Signals Here.
We hope that you enjoy our Free Forex Trading Signal today: GBPNZD Price Action Analysis – 15th Aug 2017
Join The Price Action Club Here…
The post GBPNZD Price Action Analysis – 15th Aug 2017 appeared first on Advanced Forex Strategies.
from Advanced Forex Strategies
No comments:
Post a Comment