On November 23 2023 I posted on social media, @AidanFX , ” LONG EURJPY at 162.545 Stop Loss at 162.425 Target at 162.905 ”
BUY Trade Setup
1. Price respects and bounces higher from the 15 minute demand zone. (Blue)
2. Price forms a bullish RSI divergence pattern in the blue demand zone. (Red line)
3. Price breaks above internal structure higher low (Pink Line/MSS-Market Structure Shift) and also breaks above the black trend line signalling a bullish market shift.
4. Price dips to the 2nd 15 minute demand zone (Brown) triggering BUYS.
5. Accumulation, manipulation, distribution bullish pattern formed adding more confirmation and confidence to the trade. (Blue, yellow, green boxes)
EURJPY 5 Minute Chart November 23 2023
Buy trade entered at 162.545 with a 12 pip Stop Loss at 162.425 and on November 23 2023, roughly 2 and a half hours after entry, EURJPY moved higher to the proposed 1:3 Risk/Reward target (162.905) where the trade was closed for +36 pips. (+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. We at EWF never say we are always right. No market service provider can forecast markets with 100% accuracy. Only thing we at EWF 100%, is that we are RIGHT more than we are WRONG.
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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