FullTimeTrader
Short

USDMXN-finally will get paid this week!!?

FX:USDMXN   U.S. Dollar/Mexican Peso
382 2 5
Hello, im following this pair closely last two weeks.
Lets make it simple: although i use various trading systems to make an analysis i like to keep chart clean showing only relevant information.

According to my previous idea there is a big and perfect bearish crab pattern visible on W1 chart. The price has reacted good forming two pinbars near the PRZ.
snapshot


Here on D1 chart we can see:
- parallel channel acting as resistance.
- 1.61 fib extension of last ABC move (nice!!!)
- a gap not filled yet
- cloning technique is also working fine here (see below)
- EW ending diagonal (not shown)

Im already short but you can try to enter at current price or wait for a retracement.

Best regards.
*****************DISCLAMER********************************************************************
This is just and idea, not a recommendation to buy or sell.
Always do your own analysis before opening a trade.
Managing is 60% of a trade, anytime I may decide not to open, close or even stop and reverse a trade depending on price action.
Any respectful and constructive ideas are welcome (agree or disagree).
We all are here to learn sharing ideas, have fun and improve our performance.

Cloning technique shows reaction near the border or the midpoint (red arrows)
snapshot
Reply
Long term channel duplication on W1 chart:
snapshot
Reply
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