EURNZD made a huge Bearish move on the H4 chart. The pair produced an H4 Bearish Engulfing Candle and then another H4 solid Bearish Candle, which made a breakout at a significant level of Support today. If the price goes back to the breakout level and produces another H4 Bearish Engulfing Candle, then selling the pair would get us some green pips later today or even tomorrow. Let us have a look at the H4 EURNZD chart.
EURNZD Price Action Analysis – 17th July 2018
See today’s first H4 candle. That came out as an Engulfing candle. Then next one came out even a bigger Bearish candle. That candle also made a breakout at 1.71930. It might be the time for the price to make some correction up to the breakout level. If the price goes back there and produces an H4 Bearish Engulfing candle, then the price would head towards the level of 1.70000 without having that many pauses. Let us have a look at the summary of the trade…
- Sell Stop Order: 1.71930
- Stop Loss: 1.71930
- Take Profit: 1.70000
- 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 trend range is big. Thus, the pair might get sluggish and start having the correction from now. This could make the pair produce our expected Bearish Engulfing Candle not today but tomorrow. This means that the setup is valid for tomorrow as well. All we have to make sure that the H4 chart produces that Engulfing Candle and makes a new lower low to take the short entry.
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