ProFX_Strategist
Short

Downside Pullback Imminent

FX:USDMXN   U.S. Dollar/Mexican Peso
62 2 1
Note(s):

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).

Best regards.
Comment: This pair is currently having a "weak" sell signal (in the 5mins chart); but I will need to wait for it to be more convincing (hopefully coming Monday); then only I will enter a Short position...

Best regards.
Comment: In case if you are curious as to "what shall be a Sell signal?"

- 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.

Regards.
Comment: Forgot to mention above that my custom ZigZags works quite perfectly in the 5mins chart (zoomed all the way out); it is by far the best timeframe for a confirmation signal, for the pairs of ZigZags that I'm currently using, based on my experience.

Regards.
what would be a good entry point?
Reply
I will say 19.51280 - (at the all time high/resistance)

Regards.
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