GBPUSD has been bearish on the daily chart. Although selling pressure is not that high, but the price has kept heading towards the South. Yesterday’s daily candle came out as a bearish candle with a strong rejection from the upside. Today’s price action suggests that the price might have found a level of resistance from where it may make another bearish move. Let us have a look at the H4 GBPUSD chart.
This trade idea was generated by our powerful Elite Swing Trader System.
Free Forex Trade Signals GBPUSD – 10th Oct 2019
The price had two bounces at the level of 1.21975. The last H4 candle closed within the level of 1.22280 where the price reacted heavily earlier. It may be the level of resistance. If that happens and the price keeps coming towards the South to make a breakout at the level of 1.21975, then an H1 bearish engulfing candle right at the breakout level at pullback would be the signal to go short on the pair. Let us have a look at the summary of the trade…
- Sell Stop Order: 1.21943
- Stop Loss: 1.22533
- Take Profit: 1.21011
Combining trigger charts and trading charts accordingly is a very important aspect of trading. Over here, the H4 chart is our trading chart and the H1 chart is our trigger chart. If a trader wants to trade on the daily chart, his trigger chart shall be an H4 chart; for an H1 trading chart, the trigger chart shall be 15M. Some traders combine 15M chart as the trigger chart with the H4 chart. This kind of combination may often bring losses.
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