There is now plenty of room/potential for USDMXN to fall like a stone... (Even just a small pullback to the downside will be significant in terms of pips...)
This is a pair which I will now be eyeing for Short opportunities/signals only.
The following are other pairs, which are inside my "hot-list" currently:
NZDCAD 0.21% (Short)
GBPNZD -0.35% (Long)
GBPUSD 0.05% (Long)
USDMXN 0.46% (Short)
EURMXN 0.35% (Short)
EURNZD -0.46% (Long)
AUDNZD 0.20% (Long)
*For each of the above pairs; I will be looking out strictly either for the Long or Short opportunities only (in the 5mins chart; I will get in once I received a signal & then be ready to secure the trade with BE-SL or TL-SL, & then just let the trade run; if I should get stopped-out; then I will keep on re-entering again & again on-signal-based).
- The most "simple" method will be to use Heiken-Ashi Candlesticks; just lookout for a series of red-color candlesticks formation (in higher timeframes like the 1hr chart for example) - to have a confirmation for a Short.
- Another method is to use ZigZags (indicator); I personally use a series of custom ZigZags that defines the primary wave & also the secondary waves; so if the primary wave is down, then I can wait for a secondary wave to form upwards - to Short a upwards pullback/retracement/correction; for the main trade down (the primary wave direction). The ZigZags (2 sets) must be customized/set correctly, appropriately, & accurately.
- Another option is to use moving average(s) (which must also be set correctly, appropriately, & accurately). I personally use my own custom moving averages (such as the Non Lag Moving Average Version 6) on higher timeframes like the 1hr chart; together with the Heiken Ashi candlesticks if you need to.