This idea is for educational and demonstration purposes and does not constitute a signal.
Does history repeat itself? You will see that I modeled previous price action as noted to current price action. Underlying fundamentals at play, to keep in mind are the weakening of the Mexico economy. Market structure mimics broadening wedge. Note also 9 and 50 EMAs which have crossed to the upside to indicate we are not quite over with the buy. Fib levels point to previous highs in the market. Trade at your own risk.
I like this analysis Mrs Celeste. I watched your posts back in December when we had the big move to the short side. I had only been trading for three months then haha.
Maybe banks will buy buy buy until all the current shorts give up their positions (IG Client Sentiment has 81% of retail traders short right now)..... but then who is left to sell to the long buyers that isn't already short. We will see! I do not have a current open position. Watching and waiting:)
I love the dollar peso!
mrsceleste
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@Harpingo, LOL! Touché ! Love your insight. Very very true!! Success often means doing the opposite of what others are doing.
ApexBull
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I like it
long myself already
mrsceleste
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@ImperiumFX, sometimes we miss the forest for the trees looking for a short based on what we want it to do. . Long is so obvious now. Thx
Maybe banks will buy buy buy until all the current shorts give up their positions (IG Client Sentiment has 81% of retail traders short right now)..... but then who is left to sell to the long buyers that isn't already short. We will see! I do not have a current open position. Watching and waiting:)
I love the dollar peso!