EURUSD produced a bearish candle on the daily chart yesterday. The H4 chart shows that the price had rejection twice at a vital level. If the price produces a bearish reversal candle, the sellers may go short below yesterday’s lowest low. Let us have a look at the H4 EURUSD chart.
This trade idea was generated by our powerful Elite Swing Trader System on an H4 time frame.
EUR/USD Daily Price Forecast – 5th March 2020
The chart shows that the price had rejection twice at the level of 1.11855. It then headed towards the level of 1.11075 and had a bounce. The level of 1.11440 has been working as a level of resistance. If the level produces a bearish reversal candle, the sellers may trigger a short entry below the level of 1.11075. Let us have a look at the summary of the trade…
- Buy Limit: 1.10943
- Stop Loss: 1.10303
- Take Profit: 1.11806
The daily chart shows that this may become a resistance zone. This means if the price reverses from here, it may go towards its support, which is a long way to go. This offers the sellers to ride on the potential trend and grab extra pips. Traders may consider taking partial profit and add short positions at the price’s strength. However, this is not recommended if you are not confident or well familiar with the strategy.
Adding positions and taking partial profit in the right way are handy. Traders are to learn these two things if they want to take trading as their main business. Usually, traders shall consider adding positions at the initial stage of the trend (up to 50%). If it crosses 75% length of the potential trend, it is best not to add more entries.
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