We appear to have some very nice bullish engulfing candles to the left side of the left shoulder of this potential crown. We had excellent selling last week down to the levels of support at 16550. For this week I am trading bullish to form the right tip of a potential crown formation and then following development of that structure, selling into the 150 area to find a deep right tip of a long crown. This trade should make it north at least into the 170 area if not find its tip at 171. I am positioned at 1.6731 and a stop below 1.65
Running Nicely. Pulling off 50 pips and stops to break even. Should run. My feeling is that we do not want to test 1.6450 until later this week or next week continue to 1.71.
Still active and running nicely. This is the countertrend toward the right shoulder. Use caution and watch for the possible selling above 170500 for the bigger move down. Happy trading!
Trade closed manually:
I limited out of this trade this afternoon at 170. will watch structure to see if we get anything else. above 170, we can assume that we are headed lower.
I've Re-entered this trade from 167 even stop below 165 limit 17149
Trade closed: target reached:
Out of the long. We made it!