Price broke support and created a resistance on smaller timeframes allowing us to enter sells, we secured our entries at 12 pips and moved stops to BE, price then retraced and would be in heavy drawdown if we didn't secure our profits. So overall we won the trade and managed it to perfection to ensure we didn't get caught out in that retracement.
Lots of confluence in this area, downtrend resistance line, horizontal resistance line, and if we confirm a local top here we will have bearish divergence. This analysis is on a daily time frame so be patient and WAIT for confirmation. If price breaks and closes above the upper box and diagonal a change of trend is likely.
Happy Trading
-Nick
After a 4 month long bull run and having a nice little pull back it seems like we are ready for take off again! We have formed a new up trend on the 4HR time frame with higher highs and higher lows and have just broken above a resistance level, I am waiting for price action to reveal its self with a rejection of this area and we are off to the...
On my previous analysis we saw that USDMXN put in a bottoming formation and it looked like we were seeing a change in trend. Well that bottom has turned into a Cup & Handle formation. I have the measured move marked as well as what could potentially be the path it takes to get there. As always MANAGE YOUR RISK! Formations, patterns, and ANY other strategy does...
