EURJPY : 1:5 Risk/Reward Target Hit -

EURJPY : 1:5 Risk/Reward Target Hit

Nov 20, 2024Jeremy ParkinsonFinance, No picture0

Image Source: UnsplashOn November 14 2024 I posted on social media @AidanFX the EURJPY bearish scenario. The pair entered a bearish supply zone (Pink Box) signalling for a possible move lower. Added bearish/selling confirmations were previous support level (Dark Blue) was acting as a resistance level, a bearish reciprocal AB=CD market pattern (Light Blue) terminated point D in the bearish supply zone and a bearish divergence market pattern (Red) formed and also terminated in the same zone. All these combined bearish patterns was enough for me to squeeze the sell trigger with confidence.
EURJPY 1 Hour Chart November 15 2024 (Entry)
EURJPY 1 Hour Chart November 15 2024 (Target HIT / Trade Closed)Entered the SELL trade on November 14 2024 at 165.00 with a 42 pip stop loss at 165.42. On November 15 2024 EURJPY moved lower and the 1:5RR target hit at 162.90 where I closed the sell trade for +210 pips and a +5% 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 EURJPY move lower.More By This Author:Gold Miners Junior Looking For Correction To End Soon Elliott Wave View Expects NvidiaTo Extend HigherShort Term Elliott Wave In Silver Looking To Turn Higher

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