On August 21 2020 I posted on social media Stocktwits/Twitter @AidanFX “Added LONG/BUY EURJPY”
The chart below was also posted on social media StockTwits/Twitter @AidanFX August 21 2020 showing that bullish market patterns were visible on the 1 hour chart calling for a move higher. Bullish Pattern (blue) triggered BUYS at the XA 0.886 Fib. retracement level and the bullish AB=CD pattern (purple) triggered BUYS at the AB=CD level. I called for traders to add EURJPY LONGS/BUYS with a tight stop loss at the point X of the blue bullish pattern. Bullish divergence pattern (pink) added more confirmation to enter the 2nd BUY. 2nd BUY entry triggered at 124.65 with stop loss at 124.30. Also check this article published August 21 2020 > EURJPY : Visible Market Patterns Signalling the Move Higher
EURJPY 1 Hour Chart August 21 2020
The pair pushed higher and hit the 1:4 RR 2nd BUY target. A trend continuation divergence pattern (pink) formed on the pullback after hitting the 1:4 RR target which signalled more upside was still in the works and to hold on to 2nd LONGS/BUYS. Also entered 3rd LONG/BUY at 125.48 with stops at 124.83 looking for a 1:2 RR Target
EURJPY 1 Hour Chart August 27 2020
The pair eventually rallied higher and hit the 1:6 RR 2nd BUY target at 126.75 from 124.65 for +210 pips and hit the 1:2 RR 3rd BUY target at 126.78 from 125.48 for +130 pips. Combined total +340 pips and still holding 1st EURJPY 123.98 BUY entry. If you followed me on Twitter/Stocktwits @AidanFX 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 Twitter for updates and questions> @AidanFX or chat me on Skype > EWF Aidan Chan
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