On February 1 2023 I posted the AUDJPY 15 Minute chart on social media @AidanFX calling to fade and look for sells on any move higher towards the 1 Hour and 15 Minute supply zones.
SELL Trade Setup
1. February 1 2023 failed to break higher signalling weakness.
2. Price breaks below internal structure lower high (Black Line) signalling bullish weakness and bearish continuation.
3. Price takes out buy side Asia high liquidity for a liquidity grab fuelling the sell side (Grey Box)
4. Price/candlestick action reacts from supply zones signalling rejection and triggering sells.
AUDJPY 15 Minute Chart February 1 2023
AUDJPY 15 Minute Chart February 2 2023
SELL trade entered at 92.05 with Stop Loss at 92.25 and on February 2 2023 AUDJPY moved lower to the proposed maximum target at 91.05 for a +100 pip move and a 1:5 Risk/Reward winning trade. (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 AUDJPY 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.
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
