On December 4 2024 I posted on social media @AidanFX the EURJPY buy setup, “Will look for buying opportunities in the 157.57 – 156.97 area.”
The pair tapped into the bullish demand zone (Green Box) triggering the buy entry. A regular bullish divergence pattern (1st Red) was visible signalling a trend reversal and bounce higher and was followed by a hidden bullish divergence pattern (2nd Red) which formed and also terminated in the demand zone signalling a trend continuation higher. All these combined bullish patterns was enough for me to squeeze the buy trigger with confidence.
EURJPY 1 Hour Chart December 5 2024
Entered the BUY trade December 4 2024 at 157.60 with a 40 pip stop loss at 157.20. On December 5 2024 EURJPY moves higher and the 1:4RR target at 159.20 hits where I closed the buy trade for +160 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
