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GBPNZD Price Action Analysis – 11th Sept 2017
GBPNZD made an excellent bullish move on the H4 chart. On its way, the price made a breakout at a significant level of resistance. If the price produces an H4 reversal candle and makes another breakout then, buying the pair would get us some green pips. Let us have a look at the H4-GBPNZD chart….
GBPNZD Price Action Analysis – 11th Sept 2017
Have a look at those bullish H4 candles and the breakout at 1.81540. The level is being tested now. If the level is held and produces an H4 Engulfing candle, then we should wait for a breakout at 1.82430 to take a long entry. There is a lot of space for the price to travel towards the North. Thus, the setup would attract many buyers to buy upon the breakout. Let us have a look at the summary of the trade…
- Buy Stop Order: 1.82400
- Stop Loss Level: 1.81500
- Take Profit Target: 1.83700
- 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
As we see that, the recommended support level is being tested heavily. This heavy testing is always good for a trade setup as long as the level is held. I mean to say, we might get a Pinbar or an Engulfing candle from here. If it is a Bullish Engulfing candle breaching the recommended breakout level, then we are to go long right after the Engulfing candle. If it is a Pinbar, we must wait for another H4 candle to make the breakout though. In this case, the setup might get lesser liquidity than the setup with an Engulfing candle.
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