The 21 zone is strong support for UsdMxn and also the drop from 21.80 is contained in a falling wedge pattern
I strongly believe that 21 will hold and a break above the descending trend-line of the wedge would accelerate losses for Mexican Peso.
A buy trade for this pair could have a 1:3 R:R
Backtest results : prnt.sc
Icons on the chart
Thumbs up : Trade was a win
Thumbs down : Trade was a loss
Circle with a cross : Trade was breakeven
Cross : Did not take the trade due to presence of liquidity (equal highs/lows) behind the stop loss
Avg winner = 1.6R
Strategy : wait for market structure break, then trade the retest of...
lucky moves that get close to predictions, but still nice to see almost perf levels working!
Still we need news about stimulus and strong moves to upside or downside are in play! waiting till pelosy mnuchin talk in a bit more!
We have a Confluence of Four Types of Support in the 20.80 - 20.90 area which indicates that we may have a lot of Buyers in this area. This alsoo means there could be a lot of Unfilled Buy Orders in this area. The next Demand Level of Buyers is at the Horizontal Support. This area has been tested only once, so it is a fresh buying level.
The price has been in a...
Since 24.03.2020 the pair is developing a bearish trend. Currently, the price is below 9 days EMA in conjunction with the pin bar that formed yesterday (15.10.2020). From technical point of view the first target for on the downside should be 20.8755 and if this level falls the long-term resistance around 20.40.
Strength of USD versus currencies of EU, Japan, China, India, Russia, Mexico, Brasil, Saudi Arabia, Turkey, South Korea.
There had been a cosmic demand for dollar but as COVID hit USA from April 6 we saw a breakdown.
Now we are at major support, on the monthly balance point, from which a push up is likely but not guaranteed.
The area between CAMS1 and CAMR1 is...
USDMXN on the daily chart hit the monthly support (purple one) and started a strong bullish impulse.
The market hit the upper trendline which is also at the level of a weekly resistance and retraced a bit.
IF the price will manage to break and close above that level we can set a nice long order according to PLancton's strategy.
Follow the Shrimp 🦐
USDMXN as many other things im posting today has a latent danger coming tomorrow
If its approved im going Short USDMXN into the 20.60s
If its denied (again) prob testing 21.40s+
As of now approved looks more likely with a 2t+ package on its way
Being careful but this move is the most likely for me. retest above 21.15s into retest of 21.00s into holy...
USDMXN on the daily chart is perfectly moving inside a daily channel.
The price has just broken the daily support, if there will be a retest of it we can set a nice short order according to Plancton's strategy
Follow the Shrimp 🦐
Keep in mind.
🟣 Purple structure -> Monthly structure.
🔴 Red structure -> Weekly structure.
🔵 Blue structure -> Daily...