On January 26 2024 EURJPY was showing signals that the pair would extend higher so I posted on social media @AidanFX ” Bought EURJPY at 159.88 Stop Loss at 159.68 Target at 160.28. Below I will explain the reasons why I entered BUY/LONG trade.
Buy Trade Setup
1. Price enters the bullish demand zone. (Gray box)
2. Price sweeps the Asia low liquidity level faking out sellers and fuelling the buyers. (Blue line/Liquidity Grab)
3. Buy/Long trade entered after a clear visible bounce higher from the demand zone confirming a higher low formed.
EURJPY 5 Minute Chart January 26 2024
Entered the BUY trade at 159.88 with a 20 pip stop loss at 159.68. EURJPY moves higher and blasts through the proposed 1:2RR target at 160.28 and continues higher to hit the the 160.68 1:4RR Target where I closed the trade for +80 pips +4% 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 EURJPY 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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