We will probably go long on this one. MXN has had a fine run but we are seeing that power is decreasing and its running on tequila fumes.
When price makes a breakout of previous high it will indeed get us confirmation.
Peace be with you and happy trading!
$EURMXN is making higher lows in a descending wedge which is typically a reversal setup (higher in this case). There is a strong inverse relationship with risk assets (SPX in this case) so a move above 24.1700 would be a very bullish event.
Another typical procedure can be seen here, the combined advance by buyers cannot be prevented in the long run. This advanced would (and now we are seeing....) lay bare the base on the strong support at 18.9x. Much worse for Sellers, the attack on the highs involves 22.9/23.0 as a main target. For the strategy, the correct plan now consists of holding and adding...
Based on our Fibonacci drawn from high to low on this daily time frame, we can clearly see that price has stopped at an entry zone for bears. Another confluence for this entry zone is the horizontal line drawn at the 61.8 level of the Fib, and as you can see price has touched this area a few times now. If you take this idea, make sure to set your stop losses based...
The positional struggle, or put simple the slow siege from sellers back to the base is finally exhausting.
Powell has attacked with a move several times the strength of the surrounding defence. USD will now maintain the pressure and birth of fresh strength will unlock the next leg higher in USDMXN.
Since 2018 we have been tracking the explosion higher. The...
> Bank Of England chief economist claims US inflation is likely to spread to the UK
After the US inflation reached the "Yarrr you're a pirate - Steal 5% of the public's wealth each year" achievement, the BOE chief economist said their own inflation was likely to catch up. He mentionned the rising energy costs that were already putting...
USDMXN is currently testing a weekly support.
The price is trading above an ascending trendline with some retracement to the upside for a test of the 0.5 and 0.382 Fibonacci level.
According to Plancton's strategy if the price will break below the structure we will set a nice short order.
Follow the Shrimp 🦐
Keep in mind.
🟣 Purple structure -> Monthly...
Entry Range: 19.93293 - 19.97017
Average Entry: 19.95845 (RRR: 1.86)
Stop Loss: 20.00931
Profit Target: 19.86254
-HOW TO ENTER MY TRADES-
1. Ladder your entries.
You'll want to ladder place your orders exponentially within the Entry Range to the point your RRR is atleast 1.5 if fully filled.
2. Only first touches are valid.
If price is rebounding...
As we zoom out and look closely at the Mexican Peso, we see many signs of strength that have been building for some time now. I believe the MXN and many other emerging currencies are all showing similar signs of strength and in the process of a reversal. While this may provide a great long trade and a short-term boost to the Peso, I fear it will have long-term...