On November 4 2024 I posted on social media @AidanFX the EURJPY BUY entry with the 1 hour chart. The chart illustrated for traders that price and indicator oscillator formed and terminated a bullish divergence pattern (Red) signalling upside. The pair pushed higher then quickly retraced lower and entered a bullish demand zone (Blue box) and a bullish FVG/Fair Value Gap (Gray box). Seeing all these bullish signals play out in real time allowed me to entered the LONG trade with confidence.
EURJPY November 4 2024 Buy Entry
EURJPY 15 Minute Chart November 4 2024
EURJPY 15 Minute Chart November 5 2024
Buy trade entered on November 4 2024 at 165.60 with a 20 pip stop loss at 165.40. EURJPY moves higher and on November 5 2024 the 1:2RR proposed target at 166.00 hits and is where I closed the buy trade for +40 pips and a +2% gain (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 EURJPY move higher.
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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