On October 29 2024 I posted on social media @AidanFX the EURJPY BUY entry with the 1 hour chart. The chart illustrated for traders that the pair entered a bullish demand zone (Gray box) and a Accumulation, Manipulation, Distribution bullish pattern was also forming. Price and indicator oscillator also formed and terminated a bullish divergence pattern (Red) in this same bullish zone. Seeing all these patterns form in the bullish demand zone was enough for me to squeeze the buy trigger with confidence.
EURJPY October 29 2024 Buy Entry
EURJPY 5 Minute Chart October 29 2024
Buy trade entered on October 29 2024 at 165.20 with a tight 15 pip stop loss at 165.05. EURJPY moves higher to the proposed targets and on October 29 2024 the 1:5RR target at 165.95 hits and is where I closed the buy trade for +75 pips and a +5% 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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