On October 21 2024 I posted on social media @AidanFX the EURJPY BUY entry with the 1 hour chart. The chart illustrated for traders that the pair was in a higher high / higher low sequence and the pair entered a bullish 1 hour demand zone (Gray box). Price also formed and terminated a bullish divergence pattern (Red) in this same bullish zone. Seeing both that the price was in the demand zone plus divergence terminating in this same zone was enough for me to squeeze the buy trigger with confidence.
EURJPY October 21 2024 Buy Entry
EURJPY 5 Minute Chart October 21 2024 (Entry)
EURJPY 5 Minute Chart October 21 2024 (Targets HIT)
Buy trade entered on October 21 2024 at 162.88 with a tight 10 pip stop loss at 162.78. EURJPY moves higher to the proposed targets and on October 21 2024 the 1:4RR target at 163.28 hits and is where I closed the buy trade for +40 pips and a +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
At Elliottwave-Forecast we cover 78 instruments (Forex, Commodities, Indices, Cryptos, Stocks and ETFs) in 4 different time frames and we offer 5 Live Session Webinars everyday. We do Daily Technical Videos, Elliott Wave Trade Setup Videos and we have a 24 Hour Chat Room. Our clients are always in the loop for the next market move.
Try Elliottwave-Forecast for 14 days !!! Just click here –> 14 day trial
Back
