On November 21 2023 I posted on social media, @AidanFX , the USDJPY chart calling for a move higher to the 1:3RR target.
BUY Trade Setup
1. Price forms 2 RSI bullish divergence pattern. A regular divergence signalling trend reversal and a hidden divergence signalling trend continuation. (Purple lines)
2. Accumulation, manipulation, distribution bullish pattern formed. (Blue, yellow, green boxes)
3. Price forms a bullish RSI divergence pattern in the distribution phase signalling the move higher. (Red line)
4. Price breaks above internal structure higher low (Black Line/MSS-Market Structure Shift) signalling bearish weakness and a bullish market shift. BUY was triggered.
USDJPY 5 Minute Chart November 21 2023
Buy trade entered at 147.58 with a 15 pip Stop Loss at 147.43 and on November 21 2023, roughly 2 hours after entry, USDJPY moved higher to the proposed 1:3 Risk/Reward target (148.03) 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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