The recommended strategy last week was to work for an increase in the USD / JPY pair, all according to
To date, the pair has rolled back by 50%, as was planned in the said strategy.
Now, since the quotes have formed a three-wave pattern (ABC), in which wave “A” is the bullish impulse amid good news on COVID-19 vaccine, long positions should again be set at the current prices, up to two take profit levels:
First is at 105.7, or on the breakdown of the long initiative.
The second is at 1.7, or 161.8% Fibonacci.
This strategy is relevant until the quote breaks below the level of 103.4
The risk / profit ratio of such transactions are 1.5: 1.
Of course, traders still need to manage and control the risks in order to avoid losing profit. As we all know, trading in this market is very precarious and uncertain, but also very profitable provided that we use the right approach.
Price Action and Stop Hunting were used for the above strategy.
The material has been provided by InstaForex Company – www.instaforex.com
🚀If you want to get a Forex Robot Coded as per your trading strategy but are unable to do so because of the high price for the Robot then you can take advantage of the CROWD FUNDING campaigns feature. ✔ These are some crowd funding campaigns for Forex Robots, which when completed can provide the very same Forex Robot to the participants at an average price of $5-$10 per participant. ✔ You either participate in one of the already listed campaigns or send us your Forex strategy : Submit Crowd Funding Campaign , for which you would like the Forex Robot to be coded. A Crowd Funding Campaign would then be started for the same . ✔ All you have to do later on is to share the campaign online with your friends to encourage more people to participate in the campaign.
As a result, each participant can get that Forex robot for just a campaign contribution of $5 (which is the minimum). Participants can back the campaign by anything above or equal to $5 to reach the funding goal to close the campaign.