On September 14 2021 I posted on social media @AidanFX “EURJPY SHORT 129.79 Stop Loss 130.19 Target 129.39 – 128.99 area.“
The chart below was also posted on social media @AidanFX September 14 2021 showing the possible EURJPY bearish scenario. Price formed a bearish divergence pattern (black) on indicator and price on September 14 2021 and was then followed with a move lower. The Tenkan (blue) was below the Kijun (pink) signalling a bearish view. EURJPY retraced back to the cloud and Kijun (pink) which could offer a good dynamic resistance zone and the future Kumo cloud (grey) was also bearish. Entered the SELL trade at 129.79 with Stop Loss at 130.19 and Targets at the 1:1 RR minimum with full target at the 1:2 RR.
EURJPY 4 Hour Chart September 14 2021
EURJPY eventually moves lower and on September 16 2021 price hits 1:2.5 RR target at 128.79 from 121.79 for +100 pips (+2.5%). A trader should always have multiple strategies all lined up before entering a trade. Never trade off 1 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 @AidanFX 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.
EURJPY 4 Hour Chart September 10 2021
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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