On October 9 2024 I posted on social media @AidanFX the EURJPY BUY setup “Watch for BUYSIDE EURJPY against 163.08 Stop Loss and looking for Targets at the 163.325 – 163.36 area”.
The EURJPY 5 Minute chart clearly shows the pair tapped into a bullish demand zone (Gray) where price reacted with a bounce higher which broke above the previous 5 minute swing higher low signalling of a possible trend change to the upside. The pair then retraced lower to the secondary bullish demand zone (Blue) where buyers are waiting to enter the market. Seeing all this combined allowed me to squeeze the BUY/LONG trigger with confidence.
EURJPY 5 Minute Chart October 9 2024 (Entry)
EURJPY 5 Minute Chart October 10 2024 (Targets HIT)
Entered the BUY trade October 9 2024, around 10pm EST, at 163.15 with a tight stop loss at 163.08. On October 2024, around 12:30am EST roughly 2 and half hour after entry, EURJPY moved higher to hit the proposed targets and extended higher to hit the 1:6RR target at 163.57 where I closed the buy trade for total of +42 pips +6% 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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