GJ Is Making Moves

As always GJ has been making moves in the market and I've been able to catch a few of them.

Here's a few charts to show you my thought process.

 

GBPJPY

Price broke daily demand and came back for a retest. The path below looked pretty clear so I was expecting a move to the downside.

Bullish exhaustion gave me a clue we were headed south too.

Some lower timeframe levels broke giving potential turning points for price to continue the downtrend.

 

Price hit one of the levels and reversed, then creating a new lower low.

You can also see another SR level where price could turn.

That level held and created another low before coming back.

 

Price then rallied up to new daily supply and I saw exhaustion again.

Price broke support on a lower timeframe confirming a change in direction.

I waited for a retest and further rejection before entering short.

And then...

 

The approach is simple as always. Wait for price to reach a daily (or weekly) turning point, wait for a lower time frame reversal then enter.

 

I hope you found this useful.

 

Any questions, just contact me here.