GJ has done it again with some major moves and this time I'm talking about a big short.
Spotting turning points are key and if you look back at my last post you will see a weekly resistance level that I've had marked up for some time.
I traded other levels in the meantime until we got to the level then when we finally got there I saw an opportunity.
So price rallied to a major weekly resistance level and we started to see sellers come into the market.
We had bullish exhaustion, then bearish momentum, a H4 ascending channel break, then the H1 transitioned to a downtrend.
After breaking support, price came back for a retest and there were entry opportunities on the 5m chart.
Price did rally higher but didn't affect my stop so all was well.
We then saw price trending down and maintaining a H4 descending channel which is significant. If you're in a short and price stays in a channel and there is no bullish break of structure (BOS) on a lower timeframe, then is there a need to get out....
No is the answer.
A big move off that weekly resistance that I've had marked up for ages. Opportunity came so I entered.
Also, note the resistance area I marked in grey (ahead of time). I'm sure you know what happened by now. The for me the previous H4 HL which got broken. When these areas get retested, they often form a LH.
It's mid September and this pair has already given a lot. We'll see what else it has to give. Whatever happens I'll be watching.
I hope that helps.
If you have any questions, feel free to contact me.