The strong sell-off in the USDMXN over the past few days provides clues that bounces higher have been large corrective moves. First of all, the pattern from May 2013 to Jan 2014 (maroon block labels) suggests it is a large 3 wave bounce higher. The sell off since Jan 2014 could count as an impulsive 5 wave decline. Secondly, the bounce higher starting in June...
Position closed near target area. Decided to take advantage of this dollar weakness across the board to lighten up my positions.
USDMXN made a thrust bar ON FRIDAY (outside day, range >= 20 day ATR, touches 20 DMA or Bollinger Bands), which provides a reference point to enter the market and establish risk. Friday’s low is just above daily reversal support (6/6 close). We were long in early June and it’s time to return to the position. It’s possible that an inverse h&s is forming from...
Despite the recent downward pressure I still believe that we are in an uptrend. Yesterdays upspike confirmed this view. I think that it is not to late to invest into the trend again. Trends in this pair have always been slow and movements in both directions make it dangerous to handle.
The H&S from here is now done. Last fridays close was bullish and we should see a new high above 13.45
*86.4% fib *shooting star *bearish divergence *head and shoulders on 1H I have been short from 13.17 (twitter.com) and will add below 13.05 Look below for more chart
Ending with this cycle dedicated to the japanese reversal patterns, that we have done this week let me show a chart of USDMXN in daily showing the concept of confirmation: Here we can find a Harami (not so good reversal) some what in the middle of nowhere, it was formed relatively far from the 76.4 fibo support and beyond the 61.8% retracement, but then after a...
Following with the USDMXN elliott wave analysis, the last time were talking about a upside movement than we then expected to be longer and after that a decline, well the decline has probed as far as now that the possible 3rd upside wave still not in way because the penetration of the 12.5870 support, but yet cant discard an upside impulse in it's first...
Never can I find my first date with Kenny aka the USDMDX. Love, love, love this pair. And tomorrow it will be sole pair on my radar. Clearly, you can see that it has punctured levels and become quite prickly to say the least. Sincerely, Beauty. ps Tell somebody tonight that there is no clever way to understand the global financial markets than to chart AND to...
Actually we are in the path of a strong rally that came after a smal retracement, this rise questions about the impulsive nature of this movement because ussualy wave ii is more deep, what lead us to think this could be an x wave which should end at the 1:1 relation a with c at 13.60 but if the upside presure increase could extend even longer but if it bounce back...
Trading Techniques with the Three-Line Break Chart Some traders prefer waiting for an extra confirmation of a trend reversal. Depending on your risk, you can follow rules below to confirm a bullish trend or bearish trend. The idea of waiting for extra confirmation would involve a tradeoff between risk and reward. The longer a trader waits for a confirmation of a...
The break of the A) support clear the possibility of an expanded flat with a C) wave forming perhaps an ending diagonal, the fibo targets for the C Wave are between 12 and 11.60 roughly