On May 9 and May 11 2024 I posted on social media @AidanFX two USDJPY BUY setup charts. The pair formed bullish patterns (Blue & Red) in the demand/buy zone (Pink and 15M Gray) where the 1st buy entry (Green) was triggered.
USDJPY 5 Minute Chart May 9 2024 (1st Entry <Green>)
USDJPY 5 Minute Chart May 11 2024 (Posted the 2nd BUY setup during the weekend)
USDJPY 5 Minute Chart May 12 2024 (2nd Entry <Blue>)
USDJPY 5 Minute Chart May 12 2024 (Targets Hit)
Entered the 1st BUY trade at 155.32 with a 10 pip stop loss at 155.22. Entered the 2nd BUY trade at 155.72 with a 10 pip stop loss at 155.62. On May 12 2024 USDJPY moves higher to the proposed targets. The 1st entry 1:6RR target at 155.92 and the 2nd entry target at the same 155.92 level hits and is where I closed both buy trades for total of +80 pips +7% gain (Risked 1% on 1st BUY trade Green and risked 0.5% on 2nd BUY trade Blue).
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.
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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