The EURJPY 1 Hour chart below was posted on social media @AidanFX March 2 2022 showing the SELL scenario. Both price and RSI indicator formed a bearish divergence pattern (Pink) signalling a down trend continuation. Bearish AB=CD market pattern (Green) also terminated point D in the same area where the bearish divergence formed. Dynamic and Static Support/Resistance were also visible in this bearish confluence zone. Entered SELL trade at 128.56 with Stop Loss at 129.76 and looking for move lower below the point A of bearish AB=CD pattern and a new lower low.
EURJPY 1 Hour Chart March 2 2022
EURJPY eventually moves lower and makes a newer lower low. On March 4 2022 price hits the 1:2 RR target at 126.16 from the 128.56 entry for a move of +240 pips (+2% gain risking 1% on every trade). A trader should always have multiple strategies all lined up before entering a trade. Never trade off one simple strategy. When multiple strategies all line up it allows a trader to see a clearer trade setup. If you followed me on social media @AidanFX you too could have caught the EURJPY move lower. We at EWF never say we are always right. No market service provider can forecast markets with 100% accuracy. Only thing we at EWF 100%, is that we are RIGHT more than we are WRONG.
EURJPY 1 Hour Chart March 4 2022
Of course, like any strategy/technique, there will be times when the strategy/technique fails so proper money/risk management should always be used on every trade. Hope you enjoyed this article and follow me on social media for updates and questions> @AidanFX
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