On May 2 2023 I posted on social media @AidanFX “ LONG/BUY EURUSD at 1.0956 Stop Loss at 1.0941 Target/TP at 1.0978 – 1.0986 area.“
BUY Trade Setup
1. Price sweeps the equal level lows for a liquidity grab fuelling the buy side. (Blue Line)
2. Price breaks above internal structure lower high (MSS Red Line) forming a market structure shift pattern signalling bearish weakness.
3. RSI indicator and price form a bullish trend reversal divergence pattern. (Purple Line)
4. After break above MSS line price enters the demand/buy zone (Blue Box) and respects the zone with clear candlestick wick rejections. BUY trade is triggered.
EURUSD 5 Minute Chart May 2nd 2023
Entered the BUY trade at 1.0956 with Stop Loss at 1.0941. EURUSD moves higher above the proposed 1:2 RR target at 1.0986 and hits the 1:3 RR target at 1.1001 for +45 pips (+3% 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 you too could have caught the EURUSD move higher.
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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