captain_smollett
Short

USDMXN. Correction to be activated after Wave 3 hits target

FX_IDC:USDMXN   U.S. Dollar / Mexican Peso
Despite my wrong prediction on USDMXN             , I still believe Peso should take some territory from the USD in the upcoming weeks. Wave 3 targets have been hit today and it is a good moment to fall down in Wave 4 of 5. Notice also a huge bearish divergence on Weekly Timeframe

Will short this pair once DXY             reaches 100 figures as per my DXY             charts posted earlier. Will set a SL order at 21 ish             and target 17.25 as a TP1.
Comment: Haven´t shorted the pair yet as I still wait for a final bounce on DXY.

Last week someone took profits on all emerging market currencies, even the russian Rouble, which has been a "superstar" according to many investment banks, lost almost 10%. So, let´s just wait for the storm to calm down and then join the ride.
Trade active: Shorted 21 ish. SL: 23, TP: 17
Comment: Moved to breakeven
Comment: Intermediate TP targets posted below
Comment: Keep holding a short position. Non of previous 3 weeks have closed above Fibo level 161%. Eventually, this week will not be closed higher as well and we can see a definitive reversal
Trade closed manually: Closed at breakeven. Will have to review the analysis


Looks like it is working an ABCD pattern. Therefore, TP1 is placed at 19.45 and TP2: near 18.50
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