On June 20 2023 I posted on social media @AidanFX ” USDJPY : For now as long as price stays below 142.25 will be watching for sells for another push lower towards the 141.68 – 141.48 area.”
SELL Trade Setup
1. RSI indicator and price form a bearish trend reversal divergence pattern. (Purple Line)
2. Price breaks below internal structure lower high (Red Line) signalling bullish weakness and a bearish market structure shift (MSS).
3. Price/candlestick action reacts from supply/sell zone (Gray Box) signalling rejection and triggering sells.
USDJPY 15 Minute Chart June 20 2023
USDJPY 15 Minute Chart June 20 2023
SELL trade entered at 142.08 with Stop Loss at 142.28 and on June 20 2023 USDJPY moved lower to the proposed target at 141.48 and extended lower to the 1:4 Risk/Reward target at 141.28 for +80 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 lower. 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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