Long USDMXN

I have taken another USDMXN long, the pair is in a clear uptrend and has been for some time. I have been buying and trying to buy every pullback that takes a nice structure and allows stochastics to reset. It is a really simple strategy I use, find assets that are clearly trending and keep trading the direction of the trend. I try to buy every pullback using risk reward of 3:1 and betting a maximum of 2% of equity, it does not always work but trading in the direction of the trend significantly improves your chances and waiting for a decent sized pullback means you are never buying at the top.

Elliot wave is an important part of the strategy and i have started a series of short videos explaining elliott wave one concept at a time. I have put a link to the first one, the second video will be done in the next few days and will look at the basic corrective A-B-C structure

Trade active:

The trade is now active bought at 20.6292, the top of the green box. I will look to move the stop to entry if price gets to 20.7837. Although the trade is in profit it is too early to know if it will be a winner or not, there is risk leaving it open over the weekend but as always I have been very careful with my position size so the risk is quite limited.

Trade active:

The Pair has made good progress at the start of the week, I am moving stop loss to entry point. It is an important part of my trading to move the stop loss when price has retraced 50% of the final move lower. The 50% suggests that the cycle lower has ended and a new move has begun, that new move could just be a small bounce before it continues lower or more hopefully the start of a surge to new highs. We never really know so moving stop loss means we are no longer at risk of financial loss but still have a chance of financial gain

Trade closed: stop reached:

Trade closed at breakeven, the next opportunity to buy is not far away