USDMXN Bearish Wedge, good RR, Part 2

FX:USDMXN   U.S. Dollar / Mexican Peso
This trade is still going pretty well, i took 25% profit at the low and another 25% got hit on a very tight stop which was also a decent profit. The remaining 50% almost got hit at the purple stop loos but since then we dropped again. Now we are at a support zone again, if this breaks i want to increase my position again to 100%. So i will risk the profit i have on my remaining position.

Stop will remain at the purple zone which is around break even of that 100% position. Target remains the same, which is the target of the wedge .

Previous analysis:

Comment: Looking very good so far, the extra position is in and the stop is around average entry of the current position (around the purple zone).

I am going to take profit on the way down, so i am not waiting for the exact point at the very end.

Comment: It looked perfect yesterday and now it is squeezing up. I was almost ready to take my first portion of profit but than it started to move up. I missed that small triangle and the pullback after the breakout. That would have been a spot where i would have been closing half my pos if i would have seen it. Now it simply just letting it run and keeping the stop as it was around BreakEven (BE).

The wedge is still in play here, even if it breaks the purple stop, as long as it stays below the high when i posted the trade. But i am going to keep the stop where it is now.

Comment: Was a nasty move, taking out my stop and dropping just as fast again. At least made a decent profit with the day trade. Up to the next opportunity :)


Any update on this David?
+1 Reply
mesw_first RaresLazar
@RaresLazar, I don't know man,i'm still holding it :D -250pips right now. So i hope it'll fall down ASAP :D
botje11 mesw_first
@mesw_first, Minus? How is that even possible? Or were you not even in the original trade?
mesw_first botje11
@botje11, it was my bad that i didn't TP. That's it now it is going down again. Any thoughts about it now?
botje11 mesw_first
@mesw_first, Well it looks good again, but is has made that bounce up several times now, just make sure you can not get trapped into a loosing trade. So taking some profit is never a bad idea
Great job botje11!!
+1 Reply
going very well, nice call David!
botje11 majormajor
@majormajor, Thank you and indeed it is :)
nice thanks
botje11 Ludske62
@Ludske62, Your welcome :)
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