On August 6 2024 I posted on social media @AidanFX the GBPJPY BUY entry with stop and target. Chart below shows price has tapped in a bullish 4 hour FVG/Fair Value Gap (Gray) and reacted with a move higher. Price/Indicator bullish divergence (Blue) was visible on both the 5 minute and 15 minute time frame. A bullish EURJPY/GBPJPY correlation divergence (Red) was also visible where the EURJPY pair did not break below the August 5 2024 swing low and GBPJPY pair did. Both blue and red divergence patterns are signs for a move higher.
GBPJPY 5 Minute Chart August 6 2024 (Entry)
GBPJPY 15 Minute Chart August 6 2024 (Target HIT)
Buy trade entered on August 6 2024 at 183.65 with stop loss at 182.79. GBPJPY moved higher to the proposed 1:2RR target and on August 6 2024 the 1:4RR target at 187.09 hit and is where I closed the buy trade for +344 pips and a +4% 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 GBPJPY 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 social media for updates and questions> @AidanFX
At Elliottwave-Forecast we cover 78 instruments (Forex, Commodities, Indices, Cryptos, Stocks and ETFs) in 4 different time frames and we offer 5 Live Session Webinars everyday. We do Daily Technical Videos, Elliott Wave Trade Setup Videos and we have a 24 Hour Chat Room. Our clients are always in the loop for the next market move.
Try Elliottwave-Forecast for 14 days !!! Just click here –> 14 day trial
Back
