EURJPY : Setting Up For A Move Higher?
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At the moment EURJPY has entered into the 1 Hour Bullish FVG/Fair Value Gap (Blue box). Will be watching for buying opportunities and will wait for another small dip lower for the price to tap the 4-Hour IFVG/Inversion Fair Value Gap (Purple box). This next area (Purple box) will add more bulls to try and push the price higher. Traders should switch to smaller time frames, 5M or 15M, to catch possibly a better entry with tighter stop loss. Watch for the RSI bullish divergence pattern (Red) to form on the smaller time frame before triggering the BUY.
EURJPY 1 Hour Chart April 1, 2024
EURJPY 5 Minute Chart April 1, 2024
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.
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.
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Disclaimer: Futures, options, and over the counter foreign exchange products may involve substantial risk and may not be suitable for all investors. Leverage can work against you as well as for ...
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