On October 13 2021 I posted on social media @AidanFX “NZDJPY can pop higher towards the 79.18 – 79.38 area. Watch for any buying opportunities for a in and out trade.“
The chart below was also posted on social media @AidanFX October 13 2021 showing the possible NZDJPY bullish scenario. Price formed a bullish divergence pattern (blue) on indicator and price and was then followed with a push higher which signalled more upside was to come. A bullish triangle breakout pattern (blue) also formed and a clear breakout would send the pair higher. Entered the BUY trade at 78.98 with Stop Loss at 78.72 and Targets at the 1:1 RR minimum with full target at the 1:2 RR.
NZDJPY 1 Hour Chart October 13 2021
NZDJPY eventually moves higher and on October 14 2021 price hits 1:2 RR target at 79.50 from 151.81 for +52 pips (+2% account gain). 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 NZDJPY 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.
NZDJPY 1 Hour Chart October 14 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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