MrRenev
Long

Possible double bottom on USDMXN

FX:USDMXN   U.S. Dollar / Mexican Peso
Hello, I have reasons to believe USDMXN could bounce.

You can wait for the FOMC press conference in 3 hours.

Price is going up.

You may want to buy on a higher high here:


The leg down is very extended and about now would be a good time for a bounce:


It's possible in a few hours news make the price go up very quickly.

I'm comfy because I risk little to make alot , no point overthinking it, this looks good to me.
Comment: Mooning!

Not touching my stop till we get close to the neckline.

Some people move their SL to breakeven as soon as the price goes their way but I don't want to get kicked out prematurely of big winners 70% of the time.

Comment: Going back up...

Comment: Come on that support level held. Can we get some big buying now? :D


Week is almost over, I guess we'll have to wait next week to see if it keeps going up and if we go above the major neckline...
Comment: Ok time to move that SL up.
If it retraces that much again it is not normal.
Taking too long...
Comment: Too slow, too much hesitation, for me not to move my SL.

Trade closed: stop reached: Just too sluggish and also rollover is so high.
I am out, small profit.

Comment: That's a scam!

If I was still in I'd be trailing. All the way to the moon. To the Bentley.
Comment: Actually it went all the way to the top of the line I drew.

Time to look back at it...


It would be a big winner, not huge, not like with the pound recently.

If I waited for 3 or 4 R before trailing my stop I'd catch the move.

This one was pretty hard to stay into.

To ponder.
It is well enough that people of the nation do not understand our banking and monetary system, for if they did, I believe there would be a revolution before tomorrow morning.

Comments

Well, the concept is sound, but looking at the daily numbers, the MACD still shows this last move down as pretty strong as does the momentum indicators. By all rights, it is due for a bounce up, but I'm not sold that the major move down is over yet. There is/was a 60 minute play for sure. Playing it safe would be waiting for a second move down, at least on the 480 and watching for divergence around the 19.25 level before going long. It may be a longer term play.
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