GBPCHF produced a bullish daily engulfing candle yesterday. The H4 chart shows that the price breached a level of resistance which was the last swing high of the bearish wave. Today’s first H4 candle was bearish, but the second H4 candle came out as a bullish engulfing candle. Thus, the pair may offer us a long entry if it continues to go towards the North and makes a breakout at yesterday’s highest high. Let us have a look at the H4 GBPCHF chart.
This trade idea was generated by our powerful Elite Swing Trader System.
Free Forex Trade Signals GBPCHF – 1st Oct 2019
The price went up to the level of 1.23110 yesterday. It then came down; found a level of support and had consolidation. Today’s second H4 candle engulfed the first H4 candle. This suggests that the price may continue to go towards the North. If we get an H4 breakout at the level of 1.23110 and get an H1 bullish engulfing candle at pullback later, then buying the pair would get us some green pips. Let us have a look at the summary of the trade…
- Buy Stop Order: 1.23168
- Stop Loss: 1.22359
- Take Profit: 1.24505
Today is the first day of the last quarter of 2019. Usually, the last quarter of a year is sluggish. October and November are moderately vibrant, but December is usually very slow. Since this is the first week of October, traders’ patience may get tested. We must not lose our patience, but wait for the best opportunity to take entries.
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