Since February 14 2023, AUDJPY has been trending to the downside making lower lows and lower highs. Knowing that the pair is on a down trend it would only make sense for a trader to look for possible sell trade setups.
On March 21 2023 I posted the AUDJPY 1 hour chart on social media @AidanFX calling for the pair to sell off on the pullback to the supply zone (red) and continue the trend lower and make a newer lower low. Also on March 22.2023 I posted the SELL entry live on social media > AUDJPY SHORT @ 88.99 Stop Loss 89.24 Targets 88.24 (1:3RR) 87.74 (1:5RR).
AUDJPY 1 Hour Chart March 21 2023 (SELL Setup)
AUDJPY 1 Hour Chart March 22 2023 (SELL Entry)
AUDJPY 1 Hour Chart March 23 2023 (Targets HIT)
SELL trade entered on March 22 2023 at 88.99 with Stop Loss at 89.24 and on March 23 2023 AUDJPY moved lower to the proposed maximum target at 87.24 for a +175 pip move and a 1:7 Risk/Reward (+7%) 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
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