Based on recent natural calamities in Mexico we can further weakness in Mexican Peso. Hence, look for buy order at 17.700 with a stop loss at 17.630 and initial take profit at around 17.815.
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This is a good risk reward, for the next few days, price target 17.96, SL 17.52
If usdmxn breaks 18, next spot would be 18.18,
in a Weekle chart, MACD IS CROSSING, beside slow stochastic...
this is really interesting.
ARROOOZZZZZZ
A bullish Bat formation has formed. Entry is slightly above Point D, stop is below point X.
Exit is on T1 at 38.2% and T2 at 61.% on retracement from D back to C point.
Peso is setting up for a long bounce.........look for entries on lower TF..........good trading............
Chart updates and trade setups from the Weekly Outlook Video will be updated as needed below....so stay tuned....your comments are needed and appreciated....please post any trade setups or trade results....thanks in advance......
CATCH THE...
My mexican Pesos index could be topping in what could be a first A wave coming after a long period of weakness. If so, B wave could be coming to the downside before a strong bounce to finish the correction.
Many stuff to trade. Aha don't be afraid to miss out just have to wait patiently.
We have a longer term bearish Bat on the 4 hour chart, a bullish Bat on the 1 hour (violated so not counted)
and a sell zone. Those who feel MXN have strength against the USD, you can attempt a structure short
as shown by the red arrow pointing to the red zone.
I had miss the entry...
As you can see that flag has been broken, Impulse move is clearly shown on the chart so we have to wait for some pullback testing the broken trendline or some kind of past resistant to take long trade, the key is waiting for the right moment to take advantage of this move.
I will update once a trade set up appear
