NZDUSD has made a significant Bullish move on the H4 chart. The pair produced a Bearish H4 candle first and then produced a huge Bullish Engulfing candle. This is a Double bottom level as well. This means the price might head towards the upside to make new higher high. If the price comes down to make a correction and produces an H1 Bullish Engulfing candle, then buying the pair would get us some green pips. Let us have a look at the H4 NZDUSD chart.
NZDUSD Price Action Analysis – 3rd April 2018
See that massive H4 Bullish Engulfing candle. This has set the Bullish tone on the pair. If the current candle makes a breakout at the level of 0.72390 and then we get an H1 Bullish Engulfing candle right on that level as well at the time of correction that would be the buying signal. Let us have a look at the summary of the trade…
- Buy Stop Order: 0.72390
- Stop Loss: 0.71940
- Take Profit: 0.73000
- 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 current H4 candle finishes above the breakout line and we get an H4 inside bar finishes within the breakout line, then we would wait for the H1 Bullish Engulfing candle to take the long entry. However, if the price keeps going up and does not come back today, then we might as well not take the entry today, but wait until tomorrow for an H4 correction. That would be another game. Meanwhile, for today, let us hope that it produces an H4 inside bar after the H4 breakout.
NZDUSD Price Action Analysis – 3rd April 2018
The post NZDUSD Price Action Analysis – 3rd April 2018 appeared first on Advanced Forex Strategies.
from Advanced Forex Strategies
No comments:
Post a Comment