The AUDJPY chart below was posted in the EWF members only area January 30/2021 (Weekend update) showing any dips should be looked at as buying opportunities against the invalidation level at 79.19. Wave count was calling for another push lower where the wave ((ii)) black should terminate which would signal for buyers to get in the market.
AUDJPY 1 Hour Chart January 30 2021
On February 2/2021 I posted on social media @AidanFX “AUDJPY as long price stays above 79.19 the pair can push higher.”
AUDJPY eventually moves higher and on February 5 2021 price hits the 1:2 RR target at 80.78 from my 79.72 buy entry for +106 pips. We continue to remain bullish on this pair and expect for price to push higher as long as price remains above 79.53. My stops will be moved to 79.72 entry allowing me to be risk free. If you were an EWF member you too could have caught the AUDJPY move higher. 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. Always have multiple strategies all lined up before entering a trade. Never trade off 1 simple strategy. When multiple strategies line up it allows you to see a clearer trade setup.
AUDJPY 1 Hour Chart February 5 2021
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, 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 Chat Room. Our clients are always in the loop for the next market move.
Try Elliottwave-Forecast for 14 days FREE !!! Just click here –> 14 day FREE trialBack