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Simple_Renko

USDMXN coming into some nice supply

Short
U.S. Dollar / Mexican Peso (OANDA:USDMXN)  
Simple_Renko Updated   
OANDA:USDMXN   U.S. Dollar / Mexican Peso
Supply and Demand Trend Lines Chart Patterns
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supplyanddemand trendline chartpattern
See callout bubbles. This setup is pretty simple. We have MXN event risk tomorrow 12/7 as well as USD non-farm payrolls on Fr 12/8. Should be some nice price movement within the next two days, so this is the trajectory I would like to see. Let's see if the market will take us all the way down to the bottom of the range ; )
Trade active:
Price *just* came into our zone and is moving away nicely. There is demand at 18.8 that was made on the way up, so we will have to see how price reacts to that area. If the bears push through 18.8, this short setup is looking more confident.
Comment:
As soon as price came into our zone, the market reacted which is a good sign. Overnight, the market chopped back up into the zone. MXN CPI pushed it a little further in, but it looks like we're continuing to see selling.

The USDOLLAR and DXY are both coming into areas where I would expect sellers to be in control. Also, we have NFP's tomorrow and the USD should see some action. Obviously, we want to see the USD fall back down to our areas of demand.

Always measure your risk and be okay with being wrong.
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