On April 13 2023 I posted the EURJPY 5 Minute chart on social media @AidanFX calling for the pair to make another move lower. Sell scalp trade was entered after a clear visible rejection in the supply zone (2nd pink box) with a tight 7 pip stop.
SELL Trade Setup
1. The pair attempted to move higher but failed to break above previous day’s high signalling weakness for another move lower.
2. Move higher was met with a rejection from supply zone (1st pink box) signalling for price to continue lower.
3. Price breaks below internal structure lower high (Red line) signalling bullish weakness and bearish continuation
4. Price/candlestick action reacts lower from supply zone (2nd pink box) signalling a rejection higher and triggering sells.
Sell trade entered at 146.46 with Stop Loss at 146.53 and Target at 146.32 for a 1:2 risk/reward.
EURJPY 5 Minute Chart April 13 2023
EURJPY 5 Minute Chart April 13 2023
SELL trade entered at 146.46 with Stop Loss at 146.32 and on April 13 2023 EURJPY moved lower strongly blowing through the proposed target at 146.32. EURJPY continued lower to make a new low and hit the 146.18 target for a +28 pip move and a 1:4 Risk/Reward winning trade. (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. 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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