On April 4 2023 I posted on social media @AidanFX ” USDJPY will look for sells against 133.18 stops targeting the 132.28 – 131.98 area.”
SELL Trade Setup
1. Price reacted lower from the 4 hour supply zone signalling more downside.
2. Price breaks below internal structure lower highs (ChoCh and BOS Black Line) signalling bullish weakness and bearish continuation.
3. Price takes out buy side Asia high liquidity for a liquidity grab fuelling the sell side.
4. Price enters the 15 minute supply zone and respects the zone with a clear candlestick reaction lower. SELL trade triggered.
USDJPY 15 Minute Chart April 4 2023
USDJPY 15 Minute Chart April 4 2023
SELL trade entered at 133.03 with Stop Loss at 133.18 and on April 4 2023 USDJPY moved lower past the proposed maximum target at 131.98 (1:7RR) and HIT the 131.68 target for a +135 pip move and a 1:9RR (+9%) Risk/Reward winning trade. (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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