GBPUSD has been very bullish on the daily chart. The daily chart produced six bullish daily candles after finding support. On the H4 chart, the price after having consolidation keeps making upside breakout and going towards the North. Yesterday’s daily candle came out as a bullish Spinning Top for which the price has had consolidation on the H4 chart. The price seems to have found consolidation’s support. If it keeps going towards the upside and makes a breakout at yesterday’s highest high, buying the pair may get us some green pips. Let us have a look at the H4 GBPUSD chart.
This trade idea was generated by our powerful Elite Swing Trader System.
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The H4 chart shows that the price keeps moving towards the North with good buying pressure. It had a rejection at the level of 1.30100 and landed at 1.29570. It produced an H4 candle with a little bullish body. If the price heads towards the North and makes an H4 breakout at the level of 1.30100, the price may head towards the level of 1.31400 with good buying pressure. Let us have look at the summary of the trade…
- Entry: H4 breakout at 1.30100
- Stop Loss: Below 1.29570
- Take Profit: 1.31400
Consolidation/correction provides a better risk-reward ratio and winning percentage. Consolidation needs a breakout to offer an entry whereas correction needs a strong reversal candle to offer an entry. Consolidation occurs within 25% of the trend, thus, big time frames make consolidation. On the other hand, a correction occurs within 40% of the trend, so minor time frames often make the correction.
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The post Free Forex Trade Signals GBPUSD – 22nd Oct 2019 appeared first on Advanced Forex Strategies.
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