On January 8 2024 I posted on social media, @AidanFX , ” LONG USDJPY at 144.20 Stop Loss at 144.05 Target at 144.50 – 144.95 area ”
BUY Trade Setup
1. Price respects and bounces higher from the demand zone. (Black)
2. Price forms a bullish RSI divergence pattern in the demand zone. (Red line)
3. Price breaks above the black trend line signalling a bullish reversal/change of character. (Black Line/CHoCH-Change of Character)
4. Accumulation, manipulation, distribution bullish pattern formed adding more confirmation and confidence to the trade. (Blue, yellow, green boxes)
USDJPY 5 Minute Chart January 8 2024
Buy trade entered at 144.20 with a 15 pip Stop Loss at 144.05. USDJPY moves higher to the proposed 1:3 Risk/Reward target (144.65) where the trade was closed for +45 pips. (+3% 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 USDJPY 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.
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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