On September 22 2024 I posted on social media @AidanFX the EURJPY BUY entry with the 5 Minute chart. Chart illustrated for traders that the pair tapped into a bullish demand zone (Gray) and reacted with a move higher. Price retraced back lower which then tapped into and respected a combination of a bullish demand zone (Green) with a bullish FVG/Fair Value Gap (Pink). Respecting these zones with price slowing lower was enough for me to squeeze the buy trigger with confidence.
EURJPY 5 Minute Chart September 22 2024 (Entry)
EURJPY 5 Minute Chart September 22 2024 (Targets HIT)
Buy trade entered on September 22 2024 at 160.65 with a 17 pip stop loss at 160.48. EURJPY moves higher to the proposed target and on September 22 2024, about a couple hours after entry, the 1:3RR target at 161.16 hits and is where I closed the buy trade for +51 pips and a +3% 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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