Will keep monitoring the price action around the ATH at 151.50 for a potential bear reversal, likely to happen this week. Now it's time to sit tight and just wait for the market to give us a clearer signal of what is going to happen given the very strong bull bias from last week.
Trade active:
Based on encompassing bear candle on the 4H chart, opened two small positions, one with a short term target near closest support around 148 and the other to let run and see how deep it goes. In these circumstances I manually trail SL to the last major pivot or lower high.
Comment:
This week will be crucial in terms of price action for this pair, defining if it will set new All Time Highs (ATH) or react strongly from the 151.50 level. Nearly there. Patience is key here. Sometimes, as traders, our role is just to sit tight and let the market tell us what to do next. This is clearly one of those cases.
If, by whatever reason, price keeps climbing and there is a daily close above the weekly level of 151.50, it invalidates my reading and I will be out of the trade.