All Over GJ

If GJ moves, then I want a piece of the action. Over the past few months I've only been trading GJ. It kinda made sense for me. I love this pair and things usually work out great so decided to focus solely on this pair.

GBPJPY

I took a fair few trades in July and I'm going to run through them now. Analysis will be brief as there's a lot to get through.

 

Early July

Price hit daily demand, the daily trend was up, the H4 trend was down and the H1 trend was down. We then broke out of a H4 descending channel and transitioned to an uptrend.

Price came to support where I look for long confirmation and took it.

 

Given that supply was away off I looked to add to the trade when resistance was broken and turned into support.

Another nice runner

Time to Short

I switched my bias to short when it was clear we had reached daily supply. We saw bullish exhaustion, a H4 ascending channel break and the H1 transitioned to a downtrend.

When price came back to H1 supply I got it.

Now as is turned out price headed to the next supply level above which was fine as my stop was conservatively behind that one.

There was another entry signal so I got in again.

 

Now price went right into a newly formed demand so it was time to exit.

Now from here after, price was rangebound. The H1 trend was still down so I was not looking for longs even though we were at daily demand.

I waited till we hit daily supply and there was another opportunity for a short.

Price went right back to daily demand so it was it was time to exit again.

 

Buyers were clearly maintaining control and a breakout was likely. The daily uptrend line kept holding and we were seeing higher lows forming.

I missed the initial breakout move up as I didn't see PA that met my rules.

I was however, ready when the opportunity came.

The breakout move had formed new daily demand. The H1 trend was up again and the H4 trend had remained up.

Price came back to test the H1 HL and never broke it.

The daily uptrend line was holding firm and the H1 still couldn't break the H1 HL which was right at daily demand. We kept seeing buyers come in at this level indicating that we were likely to see an upside breakout.

 

Price broke bullish, came back for a retest and we were off.

After breaking more resistance and coming back for a retest as support there was another long entry opportunity which I took.

Price kept pushing higher and there was no indication to exit so I held both positions.

Price rallied exactly as planned deep into supply and then I finally got an exit.

That rounded off a great month and now I'm waiting to see what August brings.

All these trades were tracked, logged and forecast in my trading journal which I update at least twice daily. These screenshots are taken directly from my daily log which is why there are so many. (This isn't even all of them, only those relevant to the trades. I journal even when there are no entries).

Whether the overall trend is up or down you can still make money. Knowing how to identify the trend and doing so on all timeframes is key.

I held and added when I was with the higher timeframe trend at the beginning and towards the end of the month, and just took short term shorts in the middle.

Take what the market gives you and move on.

 

I hope that helps.

If you have any questions, feel free to contact me.

 

 

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1 Comment

  1. Figgsy on September 14, 2020 at 15:55

    Very nice! And really great article, thank you

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