On June 26 2023 I posted on social media @AidanFX ” USDJPY : Will be watching for buying opportunities against 142.92 low for another move higher towards 144.00.” I also posted on June 26 2023 the buy trade ” USDJPY BUY at 143.34 Stop Loss at 143.04 Target 143.79 – 143.94 area.”
Buy Trade Setup
1. Price breaks above internal structure lower high (Red Line) signalling bearish weakness and a bullish market structure shift (MSS).
2. Price entered 15 minute demand zone (Blue Box) where possible buyers/bulls are waiting to push the pair higher.
3. Price reacts with a bounce from the demand zone triggering buys.
USDJPY 5 Minute Chart June 26 2023
USDJPY 15 Minute Chart June 28 2023
BUY trade entered at 143.34 with Stop Loss at 143.04 and on June 28 2023 USDJPY moved higher to the proposed target at 143.94 and extended higher to the 1:4 Risk/Reward target at 144.54 for +120 pips. (4% 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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