The CHFJPY chart below was posted on social media @AidanFX June 7 2021 showing the possible bullish patterns. Blue bullish pattern triggered BUYS perfectly in the blue support/resistance zone. 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 which gave me more confidence that the pair would rally higher. Entered the BUY trade at 121.88 with Stop Loss at 121.46 and targets above at the 1:1.5 RR. 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 1 Hour Chart June 7 2021
CHFJPY eventually moves higher and on June 10 2021 price hits the 1:1.5 RR target at 122.51 from 121.88 for +63 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 1 Hour Chart June 10 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
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