This advance would (and of course I am considering) be worth attacking and having some involvement rather than laying bare the base of Brazil and Mexico. The correct play is to wait patiently for a confirmed break and hold long enough for the Peso to flee. Be long Brazil, stay long the Real and play the break as follows:
Firstly, the BRL diagram which is showing as with a few other currencies signs of bottoming versus USD, and the following two macro formations of Brazilian inflows and Mexican outflows. These drivers are going to dictate the pace and will allow a breakout on BRLMXN for a +50% move. This is not talking in pips, pips are for pipsqueak's... this is a macro swing, a full blown % move which starts as a hedge and when it begins to work with the break it means we can go HARD.
Thanks as usual for keeping the feedback coming 👍 or 👎