USD/MXN - Pin-bar rejection of WEEKLY trend, Long term SHORT
- USD/MXN appears to have retested the upper descending trend-line on its Weekly chart
- The pair formed a large pin-bar candle after touching mentioned trend-line
- Signals buyers were in control up to the trend-line, sellers then retook control to bring price back to pretty much the open price at the start of the week
- I believe this is a good, long term short opportunity as we may see price descend back to the lower ascending trend-line
- This trend-line coincidences with a strong area of support
- Would need to see the first support level broken to consider a retest of this lower trend-line
In the event of opening a trade on this pair, I PERSONALLY would have
1. Bought @ market on market open this evening
2. Set SL above high of pinbar rejection candle
3. TP1 at first mentioned support area
4. TP2 at second strong support area
THIS IS NOT TRADE ADVICE NOR A TRADE CALL
- The pair formed a large pin-bar candle after touching mentioned trend-line
- Signals buyers were in control up to the trend-line, sellers then retook control to bring price back to pretty much the open price at the start of the week
- I believe this is a good, long term short opportunity as we may see price descend back to the lower ascending trend-line
- This trend-line coincidences with a strong area of support
- Would need to see the first support level broken to consider a retest of this lower trend-line
In the event of opening a trade on this pair, I PERSONALLY would have
1. Bought @ market on market open this evening
2. Set SL above high of pinbar rejection candle
3. TP1 at first mentioned support area
4. TP2 at second strong support area
THIS IS NOT TRADE ADVICE NOR A TRADE CALL