KatlehoMaleka

USDMXN. Buy opportunity.

Long
FX:USDMXN   U.S. Dollar / Mexican Peso
We have yet another good trade setup here. It's not the perfect inverse Head and Shoulders , but that bullish flag on the shoulder makes up for it and it also retraced at the golden ratio, which is the 61.8 percent. If we get an upward break of the bullish flag , we will probably see a rally that takes us to the 1.618 extension .
Reasons for the trade:
1. Bullish flag
2. Inverse Head and Shoulders
3. 61.8 Fibonacci retracement

Comments

after Trump tweets about good news with Mexico, is this still valid ? or the MXN going to be stronger ?
+1 Reply
@zALAIN, yes the peso will be stronger there is no doubt
Reply
@zALAIN, Technically, it's still valid. But, it does seem like the Peso is regaining strength. I guess only time will tell what happens with this pair.
Reply
zALAIN KatlehoMaleka
@KatlehoMaleka, any way the new president for Mexico will start his job 1-December , till that time, we may see 1 big drop for MXN
Reply
@zALAIN, That's very much possible. So far, so good.
Reply
buy buy buy
+1 Reply
Pls advisr trigger price for open position and stop loss and take profit?
Reply
KatlehoMaleka Naser_Khalafi
@Naser_Khalafi, Sorry for the late reply. It's not late for an entry as price is just breaking out of the flag. An ideal stop loss would be a couple of pips below the recent low, around 18.72. And take profit at the 1.618 extension, which is 19.98.
Reply
Home Stock Screener Forex Screener Crypto Screener Economic Calendar How It Works Chart Features Pricing Refer a friend House Rules Help Center Website & Broker Solutions Widgets Charting Solutions Lightweight Charting Library Blog & News Twitter
Profile Profile Settings Account and Billing Referred friends Coins My Support Tickets Help Center Ideas Published Followers Following Private Messages Chat Sign Out