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Colour key: Blue = Monthly TF, Pink = Weekly TF, Grey = Daily/4H TF.
I'm trying out a new strategy which puts a larger emphasis on the bigger picture i.e. the monthly/weekly trends. As you can see, i've marked out several supply and demand (S&D) zones where price has reacted in the past. I've also marked out a trendline to emphasise the fact that GJ appears to be in a downtrend. If price comfortably breaks this trendline then my bearish bias has been invalidated. Until then, i intend to sell all the way down to the bottom zone, which is a major monthly S&D zone. Some of the smaller zones before it will act as areas to take partial profit.
Updates to follow, follow me to see them.
Colour key: Blue = Monthly TF, Pink = Weekly TF, Grey = Daily/4H TF.
I'm trying out a new strategy which puts a larger emphasis on the bigger picture i.e. the monthly/weekly trends. As you can see, i've marked out several supply and demand (S&D) zones where price has reacted in the past. I've also marked out a trendline to emphasise the fact that GJ appears to be in a downtrend. If price comfortably breaks this trendline then my bearish bias has been invalidated. Until then, i intend to sell all the way down to the bottom zone, which is a major monthly S&D zone. Some of the smaller zones before it will act as areas to take partial profit.
Updates to follow, follow me to see them.
Trade closed manually:
I've taken profit and closed out of my older positions as price has broken this trendline. I've posted a new analysis with a new outlook on GJ, with a better entry higher up.
