FullTimeTrader
Short

USDMXN-perfect crab visible W1 chart

FX:USDMXN   U.S. Dollar/Mexican Peso
427 0 8
I saw this movie before on USDindex, a bat pattern on W1 chart:
DXY (and SPX 500)-facing a monster resistance ¿will they crash?


Then i pinpointed the entry on H4 chart:
USD index - evening star at 100


Here we can see a perfect bat pattern with the confluence of the 1.61 fib projection and the 1.61 fib extension. This is powerful.

I will be looking to sell near that area, if this setup works will cover my previous loss on this pair and much much more.

From the technical point of view the pattern is still at the final stage of the EW fifth wave and is developing somewhat like an expanded diagonal.

My first target would be the 0.23 fib retracement since this is a long term chart. It worked perfect on the DXY             The 0.386 and 0.61 targets are also reachable.

Best regards.

*****************DISCLAMER********************************************************************
This is just and idea, not a recommendation to buy or sell.
Always do your own analysis before opening a trade.
Managing is 60% of a trade, anytime I may decide not to open, close or even stop and reverse a trade depending on price action.
Any respectful and constructive ideas are welcome.
We all are here to learn sharing ideas, have fun and improve our performance.


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