GBPJPY Back to being BULLISH
After encountering eight unsuccessful attempts to initiate a short position, I revisited the broader market to identify what I might have overlooked. Scanning through various time frames, I eventually pinpointed the candle that seemed to be causing the most complications for me, specifically on the 30-week time frame.
Upon analyzing the monthly chart, a bearish trend became apparent to me. Simultaneously, I monitored the JPY index to assess the strength of the Yen. At the time of this post, it was undergoing a slight pullback.
Contemplating the possibility of going short based on the monthly structure, I found myself oscillating between bearish and bullish sentiments. Initially considering the pullback as a potential explanation, I couldn't shake off my initial bullish inclination.
As time progressed, peculiar events unfolded, including bullish candlestick behavior and substantial spikes from smaller time frames, pointing to the upside. Consequently, I am reassessing my stance.
While I would welcome a robust pullback to the upside on the monthly chart, I remain watchful to see how the situation unfolds.
Upon analyzing the monthly chart, a bearish trend became apparent to me. Simultaneously, I monitored the JPY index to assess the strength of the Yen. At the time of this post, it was undergoing a slight pullback.
Contemplating the possibility of going short based on the monthly structure, I found myself oscillating between bearish and bullish sentiments. Initially considering the pullback as a potential explanation, I couldn't shake off my initial bullish inclination.
As time progressed, peculiar events unfolded, including bullish candlestick behavior and substantial spikes from smaller time frames, pointing to the upside. Consequently, I am reassessing my stance.
While I would welcome a robust pullback to the upside on the monthly chart, I remain watchful to see how the situation unfolds.
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