May 6 2025 I entered the buy entry on the USDJPY pair at 142.84 with a 90 pip stop loss at 141.94 and eyeing for a move higher to the 3R minimum target at 164.29 and the 5R maximum target at 147.34.
Buy Trade Setup
1. Price reacts higher from demand zone signalling bulls/buyers trying to take control. (Gray box)
2. Price closes above ChoCh/Change of Character level signalling bulls/buyers are in control.
3. Price continues higher on the BOS/Break of structure level signalling a higher high/higher low sequence has started.
4. Price taps the purple demand zone and triggers buy entry.
USDJPY Daily Chart May 6 2025 (Trade entry)
USDJPY Daily Chart May 12 2025 (Target hit trade closed)
USDJPY moves higher and hits 6R target hit at 148.24 from 142.84 and I closed trade for +540 pips (+6% 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. 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
At Elliottwave-Forecast we cover 78 instruments (Forex, Commodities, Indices, Cryptos, Stocks and ETFs) in 4 different time frames and we offer 5 Live Session Webinars everyday. We do Daily Technical Videos, Elliott Wave Trade Setup Videos and we have a 24 Hour Chat Room. Our clients are always in the loop for the next market move.
Try Elliottwave-Forecast for 14 days !!! Just click here –> 14 day trial
