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 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
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