On November 29 2022 I posted two AUDUSD trade setups on social media @AidanFX “Market BUY AUDUSD at 0.6689 Stop Loss at 0.6639 Target at 0.6789 (1:2RR). ” and ” 2nd AUDUSD BUY at 0.6687 Stop Loss at 0.6667 Target at 0.6787 (1:5RR).” First BUY entry had a conservative wide stop and second BUY entry had an aggressive tight stop loss.
AUDUSD 4 Hour Chart November 29 2022
Buy Trade Setup
1. Price reacting higher from the 4 Hour Demand Zone signalling a possible move higher (Light Blue)
2. Price broke above the downward Lower Low/Lower High sequence (Dark Blue Line) signalling a possible move higher (ChoCh=Change of Character)
3. Price reacting higher from the 4 Hour Demand Zone signalling a possible move higher (Red)
AUDUSD 1 Hour Chart November 30 2022
First AUDUSD BUY entry (Green) at 0.6689 with Stop Loss at 0.6639 hits Target at 0.6789 for +100 pips (+2%) and second BUY entry (Purple) at 0.6687 with Stop Loss at 0.6667 hits Target at 0.6787 for +100 pips (+5%) for total of +200 pips and a total of +7% gain risking 1% on each individual 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 AUDUSD 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.
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 trialBack