botje11

USDMXN Double Bottom and inverse H&S?

FX:USDMXN   U.S. Dollar / Mexican Peso
I have been watching this one the past days to see if the double bottom would play out or not. Now the small inverse H&S on the left, could be the confirmation of that pattern. If that neckline breaks and we see a good rally, the chances will increase a lot. If this H&S fails, that green support could still keep it alive, but below that support, it will become less likely.


Previous analysis:

Comment: I am mobing stops to entry now
Comment: Stop got hit, even though it was looking very good at the start. However, i am still keeping an eye on this one, because as long as the green support on the left holds, the double bottom formation can still play out. But it would need a big bounce up first

Comment: So that green support held, made that big move up. Now we should see a bigger bull flag getting formed and maybe see a breakout of the neckline of the W bottom happen tomorrow. If that happens, we could see the target getting reached next week.

Comment: I would take at least 50% profit but more towards 70%. Good chance it will make a correction now

Comments

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