Peso is respecting the daily trendline here then zooming in we can see 3 bounces on the 4hour timeframe off the same daily trend line. With a break of the 4hour up trend, I see a huge possible fall.
Previous 3 weeks candles resulted in bearish wicks
Daily today was bullish but preceding 3 candles were bears
It appears we might have completed the 5th wave in wave C to complete wave 2
Ideally, would like to see price move below 20.04 (prior wave 4 low of wave 5) to suggest more weakness ahead so will wait if prices move in that direction before taking a...
we can see a flag forming on USDMXN, possible one more drop until h4 trend line and then if we see a strong break out correction we can sell until daily trend line. if we don't see a strong break out we can see price for one more push up.
- USD/MXN appears to have retested the upper descending trend-line on its Weekly chart
- The pair formed a large pin-bar candle after touching mentioned trend-line
- Signals buyers were in control up to the trend-line, sellers then retook control to bring price back to pretty much the open price at the start of the week
- I believe this is a good, long term short...
Hi there. Price is forming a continuation pattern to the upside. Wait for the price to hit the bottom of the pattern and watch strong price action for buy.
Bank increase of rates would cause the peso to strengthen against the dollar. Price is also flirting around a key level for this pair. Possible head and shoulders. For educational and demonstration purposes only.
When taking signals:
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- Trade With Care.
- Trade With Only Capital You Can Afford To Loose.
- These Are Suggestions Only.
- These Are For Educational Purposes Only.
- Please Factor Spread Into Account For Stop Loss.
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possible short trade opportunity on peso. we've got big bearish harmonic pattern with the prz at 88,6/161 fibo level and the target pretty far below (median line)
I ignored my plan and speculated on the USD falling against the Mexican. Got stopped out. If I had followed my plan I would not have lost any money because theres nothing here that is tradeable according to my strategy.
Pro tip: stick to your plan, don't speculate.
