On May 15 2023 I posted on social media @AidanFX “ Sold/Short EURJPY at 147.96 Stop Loss 148.11 Target 147.66.“
SELL Trade Setup
1. Price reacted lower from the 1 hour supply zone May 15 2023. (Pink)
2. Price respected the 5 minute supply zones May 15 2023. (Purple and Blue)
3. Price respects the 5 minute supply zone May 16 2023. (Yellow)
4. After price respects the supply zone (Yellow) the pair breaks below the internal structure higher low red line (MSS/Market Structure Shift) signalling bearish weakness.
EURJPY 5 Minute Chart May 15 2023
EURJPY 5 Minute Chart May 16 2023
SELL trade entered at 147.96 with Stop Loss at 148.11 and on May 16 2023 EURJPY moved lower and hit the proposed target at 147.66 for a +30 pip move and a 1:2 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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