FXP Trade Follow Up

Here's FXP this morning,

 On 2/29 I posted FXP as a high probability, low risk trade at the green arrow on a shakeout of the pattern.

This morning, it's up nearly 5% already.

Here's the intraday chart.

As we have been suspected for months and continued to receive confirmation, China is in trouble.

The latest came overnight:

China Cuts Growth Target to 8 Year Low

The target was cut to 7.5%, as mentioned, China is now fighting a two front battle that any fix for one is trouble for the other, inflation and a housing sector falling apart, not to mention the manufacturing and services sector losing ground.

 Here's the positive divergence on the shakeout on 2/29 on a 15 min 3C chart.

 The longer term positive divergence on a 60 min chart...

And for this morning's move, thus far we have confirmation.

I'll keep an eye on the trade.