botje11

USDMXN Bearish Wedge, good RR

Short
FX:USDMXN   U.S. Dollar / Mexican Peso
We have gotten a second chance to play this bearish wedge . After the previous trade which failed, but gladly was just a small as usual. Not the previous candles are very bullish , but i think this wedge is legit so i don't see it getting above that previous high. I am going to split my entries in 2, i am going to risk one part here, if that trend line on the left and the green box breaks and going to wait a bit for the second half.




Previous analysis:
Comment: Still above the green support, looks like it is still very strong. So still not active

Comment: Second half will get in if this green support breaks

Comment: its tanking down now :)
Comment: Perfect trade so far, it was starting to look a bit dangerous a few days ago, but the wedge was still in play and gladly enough, we did not see a stop hunt getting above our stop loss.

Now i am moving stops to entry for a free trade and i am taking 25% profit at the current price. The fact that the retest of the resistance went up so high, makes my whole short idea a bit less perfect. So just locking in some profit here.

Comment: There is a chance we have a small bullish wedge here on the left. So just in case i am going to use 2 levels here. I already took 25% profit at the exact low on Friday (sometimes NOT being greedy works out :) )
Anyway, i am going to do 25% at the first red zone and the remaining 50% at the second one.

Even if we move higher, but stay below the highs, i might just short it again.

Comment: Seems that wedge on the left is still in play, but it is already weakening though, so it could be the move up is already over. The first 25% stop got hit, so another decent profit in the bank :) and another 50% is still running. I could close it as well, but it starting to look like the move up is over already, so i am going to keep it. Even if the stops hits, it's not much but still a profit. But if it works out, the profit is very good. So in other words, good risk reward to keep it.

Comment:

Comments

Sick trade!
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botje11 Asif_Gani
@Asif_Gani, Thank you :)
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Green support smashed! Good call :)
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botje11 OSx28
@OSx28, thanks :)
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Looking good! Great idea
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botje11 CheersOrTears
@CheersOrTears, Thank you :)
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@botje11 please let us know if we can enter and when.
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Tradingiskyle Anujgorasia
@Anujgorasia, you should have entered bro
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botje11 Anujgorasia
@Anujgorasia, join my groups, still for free :)
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Downtrend starting to form, what are your thoughts?
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