About meI am a stock & currency trader. Using economic research, market sentiment and economic forecasting, I identify key fundamental vehicles for investment and then apply a propriety approach to participate in the financial markets.
There is the USD/MXN: Butterfly Pattern in the context of a dollar rally and a long-term trend in the USD/MXN. Follow the trend....
Currency pairs are very cyclical unless there is something pulling one of the currencies away enough to break this cycle, such as a currency crisis. That is just one example.
If one would observe a weekly chart, we see that the US dollar first the first time since 2010 has broken down through its long-term TL.
USD Dragon Pattern
Target on the DXY is 91.17
A game of support and resistance is just like ping-pong! If you are trading the trend and you feel frustrated, then just remember, frustration is a sign of unrealized potential. "They" could be "ping-ponging" you. :)
Reasons to enter:
(1) moving averages are trending
(2) Higher highs and higher lows
(3) Candle bars show us who is in charge: bulls
(4) bit below the demand, but I believe that will change within 2 or 3 days.
Stops and targets are on the chart.
COT Report hints that sellers might be coming in, but the price does not reflect that and may lead to a running market...