On November 14 2024 I posted on social media @AidanFX the EURJPY bearish scenario. The pair entered a bearish supply zone (Pink Box) signalling for a possible move lower. Added bearish/selling confirmations were previous support level (Dark Blue) was acting as a resistance level, a bearish reciprocal AB=CD market pattern (Light Blue) terminated point D in the bearish supply zone and a bearish divergence market pattern (Red) formed and also terminated in the same zone. All these combined bearish patterns was enough for me to squeeze the sell trigger with confidence.
EURJPY 1 Hour Chart November 15 2024 (Entry)
EURJPY 1 Hour Chart November 15 2024 (Target HIT / Trade Closed)
Entered the SELL trade November 14 2024 at 165.00 with a 42 pip stop loss at 165.42. On November 15 2024 EURJPY moved lower and the 1:5RR target hit at 162.90 where I closed the sell trade for +210 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 lower.
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
