Noob Currency Trader: 10/09/19

Wednesday, October 9, 2019

[FOREX TIP] Free Forex Trade Signals GBPUSD – 10th Oct 2019

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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The post Free Forex Trade Signals GBPUSD – 10th Oct 2019 appeared first on Advanced Forex Strategies.

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AUDNZD had consolidated for a while on the daily chart. Yesterday’s daily candle closed below the support level, so the price may keep going towards the South today as well. The H4 chart shows that the price may have found a level of resistance. Today’s first H4 candle came out as a strong bearish candle followed by an Inside Bar. Thus, an H4 breakout at yesterday’s lowest low may offer us a short entry with a good risk and reward ratio. Let us have a look at the H4 AUDNZD chart.

This trade idea was generated by our powerful Elite Swing Trader System.

Free Forex Trade Signals AUDNZD – 9th Oct 2019

After having support at the level of 1.06570, the price headed towards the North. The level of 1.06800 has been held as a level of resistance. The level has already produced a strong H4 bearish candle. The very next candle came out as an Inside Bar. If the price keeps pushing towards the downside and makes an H4 breakout at the level of 1.06570, then the price may continue its bearish move up to the level of 1.05840 with good selling pressure. Let us have a look at the summary of the trade…

Entry: H4 breakout at 1.06570
Stop Loss: Above 1.06800
Take Profit: 1.05840

The price has enough space to travel towards the South. Since the daily trend is bearish, so the price may keep going towards the next daily significant support. When we want to trade at the H4 chart if the daily trend matches with the H4 chart’s trend that offers us some extra pips. On the other hand, if they do not match, the price gets less space to travel which eventually does not offer a lucrative risk and reward ratio.