On September 9 2021 I posted on social media @AidanFX “GBPJPY will be watching for buying opportunities for a move higher towards the 152.20 – 152.60 area.“
The chart below was also posted on social media @AidanFX September 9 2021 showing the possible GBPJPY bullish scenario. Price formed a bullish divergence pattern (black) on indicator and price on September 9 2021 and was then followed with a move higher that broke the previous lower high level which signalled more upside was to continue. The Tenkan (blue) crossed above the Kijun (pink) also signalled a bullish view. GBPJPY has retraced back to the cloud and Kijun (pink) which could offer a good dynamic support zone. Entered the BUY trade at 151.81 with Stop Loss at 151.41 and Targets at the 1:1 RR minimum with full target at the 1:2 RR.
GBPJPY 1 Hour Chart September 9 2021
GBPJPY eventually moves higher and on September 10 2021 price hits 1:2 RR target at 152.61 from 151.81 for +80 pips (+2%). 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 GBPJPY move higher. 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.
GBPJPY 1 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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