Here we have a very wide ABC in play with the C leg finishing at 7.25 - 7.28. From a technical perspective, the market has presented a flawless 5 wave impulsive move with a three wave retracement. Those who are betting on the upside will be coming in here at the 38.2% level at 5.09; and we can expect a continuation. There is scope here for as high as...
Hi there. Price is forming a continuation pattern to the downside. Watch strong price action at the current price for sell.
The support around 19.20 failed to stop the downward pressure in USDMXN, with the pair breaking below the neckline of an SHS pattern. The pattern suggests a target at around 18.94, but I would prefer to follow a more conservative approach and aim at 19.00 instead, which also aligns with a rising trendline support.
USDMXN BULLISH WAVE COMING UP FOLLOWING AN UPTREND CHANNEL ON A D1 TOMEFRAME
Hi there. Price is forming a continuation pattern to the upside. Wait for the price to hit bottom of the pattern and watch strong price action for buy.
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...
Head and shoulders forming on usdmxn, has hit a long support and is also breaking the downtrend, good risk reward ratio
I Might be crazy. There is no reason that the MXN should strengthen against the USD. Oil is cheap and the Mexican Bolsa is very low. But it shure looks like it could be. What you guys think?
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...
Just playing out the possible consolidation on the US dollar soon (with Fed rate hike already priced in and divergence seen on RSI in the weekly DXY chart, not to mentioned the possible dovishness of the Fed by 2019). Also just riding the recent ranging movement of this pair. Setting sell stop order with TP @20-20.1 (-38.2 to -61.8 fib levels) and SL @20.58...
I see a potential Head & Shoulders patter forming on the USD/MXN. All the details are listed on the markup. Trade at your own risk! I am not qualified to give financial advice! Happy trading :) ~TraderTrev
We have gotten a second chance to play this bearish wedge. After the previous trade which failed, but gladly was just a small as usual. Not the previous candles are very bullish, but i think this wedge is legit so i don't see it getting above that previous high. I am going to split my entries in 2, i am going to risk one part here, if that trend line on the left...
2nd try, Short NZDMXN 14.02; TP @ 13.00, SL your choice