On October 14 2024 I posted on social media @AidanFX the EURJPY BUY entry with the 5 Minute chart. EURJPY already signalled a short term bullish bias when price broke above the dark blue change of character level (CHoCH). The chart shows that the pair retraces into a bullish demand zone (Blue) and also tapped into a bullish order block (Red). Respecting these zones with price slowing lower was enough for me to squeeze the buy trigger with confidence.
EURJPY 5 Minute Chart October 14 2024 (Entry)
EURJPY 5 Minute Chart October 14 2024 (Targets HIT)
Buy trade entered on October 14 2024 at 163.00 with a 10 pip tight stop loss at 162.90. EURJPY moves higher to the proposed target and on October 14 2024, about a couple hours after entry, the 1:3RR target at 163.30 hits and is where I closed the buy trade for +30 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
At Elliottwave-Forecast we cover 78 instruments (Forex, Commodities, Indices, Cryptos, 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 Hour Chat Room. Our clients are always in the loop for the next market move.
Try Elliottwave-Forecast for 14 days !!! Just click here –> 14 day trial
Back
