Daily and 240 - Trend is down but seems to me to be getting weak. Stoch is showing some positive divergence. Bearish pennant. Price just below the primary monthly pivot. Possible head and shoulders as well.
60 and 15 - At a supply line in a bearish pennant. $ just above the daily primary pivot. Watch for the Butterfly sell pattern.
Bias is long to 1.4300 and 1.4375 (this would fill Sunday's gap). To the downside i'll be watching 1.4140 and 1.4085.
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Just my $.02
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2 comments:
We didn't enter this trade long but did put orders in to sell. As i type this your long target is just about to be reached. You have probably already taken some profit, Right? Our short orders are below 1.4215 which is below a daily pivot and a .50 fib level. our target is going to be 1.4135 another daily pivot and a double bottom.
Kim
HiKim,
I took 20 pips on a buy position then got stopped. I was really waiting for the short to present itself...and it did. That's where the strongest move was...from my prospective anyway. It looks like you guys got some good profit off this move too.
FYI...i have taken profit along the way and have now moved my stop to just below break even. It is now a profitable and risk free trade...the best kind in my book.
Good luck,
M
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