On May 26 2021 I posted on social media @AidanFX “CHFJPY watching for buying opportunities for another push higher towards 122.00 – 122.20 area.” and “CHFJPY a break above 121.70 will add more bulls/buyers to get in the market.”
The chart below was also posted on social media @AidanFX May 26 2021 showing the possible bullish patterns. Price was bouncing off the pink support/resistance zone signalling traders it was a key area. This support/resistance zone acted as a good support area where price reacted with a move higher. More added reason the pair could push higher was a bullish divergence pattern (black) also formed in the same confluence area support/resistance zone and price also respected the dynamic support moving average (blue) which gave me more confidence the pair would push higher and to look for BUYS on the break above 121.70. A trader should always have multiple strategies all lined up before entering a trade. Never trade off 1 simple strategy. When multiple strategies all line up it allows a trader to see a clearer trade setup.
CHFJPY 30 Minute Chart May 26 2021
Entered the BUY trade at 121.70 with Stop Loss at 121.36 and Targets at the 1:1.5 RR minimum. CHFJPY eventually moves higher and on May 27 2021 price hits the 1:2 RR target at 122.38 from 121.70 for +68 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.
CHFJPY 30 Minute Chart May 27 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 trial
Back
