On Friday November 25 2022 I posted on social media @AidanFX “ GBPJPY will be watching for possible selling opportunities as long as price stays below 169.00 for a move lower towards the 167.30 – 166.95 area.” Also posted the SELL entry November 25 2022 “Sold GBPJPY at 168.70 Stop Loss 169.05 Target 166.95 (1:5RR)”
SELL Trade Setup
1. Main Lower Low/Lower High Sequence still active from October 31 2022 high so trend is still down as long as price stays below 169.08 November 7 2022 high.
2. Price entered and reacted lower from 1st Supply Zone (Blue)
3. Price broke below Higher Low (HL) of the up trend sequence signalling a possible trend reversal to the downside (Pink)
4. Watch for price to enter 2nd Supply Zone for SELLS (Red)
GBPJPY 4 Hour Chart November 24 2022
GBPJPY 4 Hour Chart November 25 2022
Entered the SELL trade at 168.70 with Stop Loss at 169.05 and on November 28 2022 GBPJPY has moved lower to the proposed 1:5 RR minimum target at 166.95. A trader can now take partial profits off, move stop loss to sell entry and let the rest ride for a continuation lower to the 1:10 RR target or 1:15 RR target to gain more profits with a now stress free trade.
GBPJPY 4 Hour Chart November 28 2022
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 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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