In my Yen update during the weekend (see link related ideas below) I mentioned that GBPJPY looked somewhat different than the other Yen pairs. However I also mentioned that Yen pairs hardly ever move in isolation. This resulted in two clear trades for GBPJPY on Monday. First the buy, second the sell before I decided to remain neutral.
The reason is simple. I didn't expect the bullish break and continuation to happen. If however price would have continued higher I simply would have entered after a consolidation.
My previous post about GBPJPY was about the fractal system and the scenario's it presented (see link related ideas below).
It would be ideal to see the next fractal be tested because structure of lesser degree is complex and not ideal for a high probability bullish reversal.
Trade plan is simple:
I will look for a consolidation/flag before considering a sell trade.
On the other hand if it reverses bullish again by means of at least a minor impulse, I will wait for a bullish consolidation/flag before considering a buy trade.
The reason is simple. I didn't expect the bullish break and continuation to happen. If however price would have continued higher I simply would have entered after a consolidation.
My previous post about GBPJPY was about the fractal system and the scenario's it presented (see link related ideas below).
It would be ideal to see the next fractal be tested because structure of lesser degree is complex and not ideal for a high probability bullish reversal.
Trade plan is simple:
I will look for a consolidation/flag before considering a sell trade.
On the other hand if it reverses bullish again by means of at least a minor impulse, I will wait for a bullish consolidation/flag before considering a buy trade.
