There are times when the market offers multiple setups at the same time with the potential to make a lot of pips. We had such an occasion recently and here's what happened.
Now the long time subscribers among you will know that I love to trade the yens. The reason for that is simple. They offer some great setups and when they move, they really move, and I like to be in when they do.
It's no surprise then that the pairs I'm going to talk about today are all yens.
We have EJ, GJ and UJ.
Now we focus on supply and demand so we'll start there. Price had rallied from demand on the weekly and was heading to an untested weekly supply level. I aim to trade from one to the other.
Price engulfed an opposing level on the way, and indicated that it was likely to continue.
Confirmation is key for me so whilst the trade potential looked good, I wanted to wait for price to confirm my trade idea.
For this I dropped down the daily and after waiting for a while, we finally saw price give a long signal.
If I can get a tight entry I will, which is why I usually drop down another time frame for further confirmation, like the H1 below:
This one turned out quite nicely as you see if you look at and EJ chart now. Here's what happened next.
Hardly any drawdown on that one.
GJ was similar in that price rallied, returned to SR and then rallied again. I took a trade on the second rally.
Once again this was from levels on the weekly chart.
And confirmation was on the daily.
This too turned out pretty well:
Once again, hardly any drawdown.
UJ was a trade away from weekly demand too. Price left demand, tested opposing levels on the daily, and after failing to move lower, I looked to buy.
The entry on this one was quite tight too. So even though less pips were made than on EJ, it was still a nice profitable trade.
These are some of the recent trades that were taken and there are plenty more to come.
If you like more info on how to get in on trades like these. You can get more details below:
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