On May 5 2021 I posted on social media @AidanFX “CHFJPY As long as price stays above 119.26 the pair will move higher towards the 120.50 area. Will be watching for buying opportunities” and “Watch for CHFJPY BUY on break above 119.76 with stops at 119.26 targeting the 120.26 – 120.50 area.”
On May 7 2021 I also posted on social media @AidanFX a second buy entry “CHFJPY added 2nd LONG/BUY at 120.30 with Stop Loss at 120.03 Target 120.57-120.71 area.”
In the chart below, several clear bullish market patterns were visible which allowed me to be confident in calling the CHFJPY BUYS. Dark blue bullish inverted Head and Shoulders pattern triggered BUYERS on the break above the pattern neck line. May 5 2021 I posted the first BUY entry (green) on the break above the pattern neck line at 119.76. Price breaks above neck line and then was followed by a pullback. Pullbacks found support at the support/resistance zone (pink) and price bounced higher off this zone which then formed another bullish pattern (light blue). The support/resistance zone (pink) together with the bullish pattern (light blue) plus bullish divergence forming in the support zone and at the buy trigger of the bullish pattern was all I needed to be confident on posting the second LONG/BUY trade setup (purple) May 7 2021 for a continuation move higher.
CHFJPY 30 Minute Chart May 9 2021
CHFJPY hits 1st buy entry (green) 1:2 RR target at 120.76 from 119.76 for +100 pips and 2nd buy entry (purple) 1:2 RR target at 120.84 from 120.30 for +54 pips. If you followed me on social media @AidanFX you too could have caught the CHFJPY 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
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