I've been buying $USDMXN in the last 4 days, and now waiting to see if we break the resistance here.
We're long from 20.47961 on average, and looking to add some more above resistance.
The uptrend in the 6 month timeframe has time left until mid 2019, and the chart shows a relentless weakening of the Mexican peso, so, there's little to no reason to assume this trend will slow down or reverse, specially not now that we have someone like Donald Trump as POTUS. His policies might fuel a significant rally in the dollar against foreign currencies.
The key here is seeing if we break the resistance at 20.67081, and hold above it. So, let's keep an eye on it. Once you see a close above this level, we can start looking to add some more to longs, or, you can join the long trade if you're flat. Risk one average range or up to 3 average ranges under 20.67081 initially. I've used volatility to size my positions, but it's viable for me to keep a tighter stop now, slightly under my average entry. Eventually, we'll be able to move stop higher as we add to this trade.
Good luck,
Ivan Labrie.
We're long from 20.47961 on average, and looking to add some more above resistance.
The uptrend in the 6 month timeframe has time left until mid 2019, and the chart shows a relentless weakening of the Mexican peso, so, there's little to no reason to assume this trend will slow down or reverse, specially not now that we have someone like Donald Trump as POTUS. His policies might fuel a significant rally in the dollar against foreign currencies.
The key here is seeing if we break the resistance at 20.67081, and hold above it. So, let's keep an eye on it. Once you see a close above this level, we can start looking to add some more to longs, or, you can join the long trade if you're flat. Risk one average range or up to 3 average ranges under 20.67081 initially. I've used volatility to size my positions, but it's viable for me to keep a tighter stop now, slightly under my average entry. Eventually, we'll be able to move stop higher as we add to this trade.
Good luck,
Ivan Labrie.
Comment:
Acting well...
Comment:
I've been adding during the pullback, have a full position and up 0.6% on it now.
Comment:
Let's see if we manage to hold above the last key level. Once we do, it'll accelerate sharply to the upside.
Let's see if we manage to hold above the last key level. Once we do, it'll accelerate sharply to the upside.
Comment:
Doubled the position and trailed stops to 20.69
Trade active:
I'm long on avg from 20.80 or so.
Added more today after the London close.
Added more today after the London close.
Comment:
See updated idea.
If we hold above this level and close here or higher we'll be in excellent shape for more immediate upside in this pair.