Prediction : Short
Daily : The price is on a bearish correction, we had 2 rejection candle at this level.
H4 : The price give an head and shoulders, now the price is sitting on the support.
H1 : We have to wait a clear break of this support before selling it.
USD/MXN has been giving us some serious pips since November! We captured over 1,400 on the latest sell-off, followed by 400 plus pips recently on a short-lived buy. If you refer to my linked idea below related to the reversal after the drop, you will see in my updates how the 200 MA provided resistance, to which I immediately closed my buy position. This area also...
READ THE MARKET COMMENTARY IN THE CHART CAREFULLY...AND TRY TO LEARN THE ELLIOT WAVES...OTHERWISE ITS TOUGH TO UNDERSTAND MY ANALYSIS
All information given inside the chart and i shared this for educational purpose only. Maximum i wont give the followup or update in the old chart posted as educational trade idea, sometimes i will...so please make sure if i posted...
USDMXN broke out of the one month long consolidation, we now have a possible bullish reversal and we can try to catch this retest for a long trade in the kill zone as shown in the chart above. Target one is as shown in chart but there more upside if we break above that level as well
USDMXN made a nice drop in impulsive fashion, down from 20.657 level which can be a five-wave development in the making. We can see waves 1,2 and extended wave 3 completed at the lows, so current sideways activity can be a temporary pause within the downtrend. We see this pause as a triangle correction within wave 4, which can now be trading in...
the correction phase is at its last stage. and then we may have another impulse bullish move if the triangle is broken successfully from upside.
- Weekly chart
( Bullish uptrend ) bullish weekly bar.
- MACD Histogram
the histogram is printing a lower bar then the previous one below the zero level.
there is a double bottom in the histogram
- Elder impulse system...
Respecting the Weekly Trend Line. If You Look at it on the Daily/2h Times, you can see price is doing a correction which is a good sign of price reversal. To be on the safe side, enter for a buy after the breakout. I am more than confident that its going to go Bullish soon!
welcome to another free signal!
Important: Wait for an S&R-Flip. We need to see a conformation of the breakout! Place a Buy-Stop @ entry!
Target 1: 19,38837
Target 2: 19,5500
Targt 3: 19,07392
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