On August 7 2024 I posted on social media @AidanFX the BUY setup ” BOUGHT/LONG GBPJPY at 184.91 Stop Loss 183.81 Target 187.11.” I also posted the 15 minute chart explaining the pair tapped into bullish zones (Gray 4 hour FVG/Blue 15 minute bullish breaker block) where buyers were waiting to push the pair higher. Added confluence was the bullish price and indicator divergence pattern forming in the zones. All this combined allowed me to squeeze the BUY/LONG  trigger with confidence. GBPJPY 15 Minute Chart August 7 2024 (1st Entry <Green>) GBPJPY 15 Minute Chart August 7 2024 (2nd BUY setup in the demand zone) GBPJPY 15 Minute Chart August 8 2024 (Targets Hit) Entered the 1st BUY trade (Green) at 184.91 with stop loss at 183.81. Entered the 2nd BUY trade (Purple) at 185.35 with stop loss at 184.45. On August 8 2024 GBPJPY moves higher to the proposed targets. The 1st entry 1:3RR target at 188.21  and the 2nd entry 1:3RR target at 188.05 level hits and is where I closed both buy trades for total of +600 pips +6% gain combined. (Risked 1% on 1st BUY trade Green and risked 1% on 2nd BUY trade Purple) 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 GBPJPY 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

The post GBPJPY : 1:3 Risk/Reward Target Hit appeared first on Elliott wave Forecast.