On June 6 2023 I posted on social media @AidanFX “LONG/BUY USDJPY at 139.23 Stop Loss at 139.03 Target/TP at 139.83 (1:3RR)“
BUY Trade Setup
1. Price breaks above internal structure lower high (MSS Red Line) forming a market structure shift pattern signalling bearish weakness.
2. RSI indicator and price form a bullish trend reversal divergence pattern. (Purple Line)
3. After break above MSS line price re-traces lower to the the demand/buy zone (Blue Box) and respects the zone with price rejections. BUY trade is triggered.
USDJPY 15 Minute Chart June 6 2023
Entered the BUY trade at 139.23 with Stop Loss at 139.03. USDJPY moves higher to the proposed 1:3 RR target at 139.83 for +60 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.
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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