USDMXN long update [sorry, got cut off at the end of the video!]
Hello traders,
topics covered today:
- USDMXN starting to make the right noises picking up from a major low, after retracing nearly all of the pandemic upswing;
- MXN futures volume showing strong selling today, with volume consistent and confirming the inverse move over in USDMXN spot;
- WTI Crude Oil futures, one of the Mexican Peso's drivers, is stuck in a well-defined range with fading ATR and ineffective responsiveness to volume;
- MSCI Mexico ETF iShares is showing strong selling today, again a sign confirming the USD/MXN uptick.
I was responding a few days ago to a question from a follower on here who asked whether USDMXN would get to 19,500; I said no, or not by the end of the year,
and indeed we seem to have bottomed out in the 19.750 region. We shall have to see what happens next, of course, but I continue to hold long, even though
my demo trade is now in drawdown by a fair bit - my timing was a tad early for the turn. If I were to do this trade again, I would have waited a bit longer. Now it
is a case of staying cool and manage the trade. Should it start going lower than the full retracement of the pandemic swing, then I would surely bail out.
One more thing: my video cut me off at the end because I was unaware of a time limit on TradingView videos! I apologise and I will bear this in mind for the next
video.
I have been off for a few days as I had my CMT Level 1 exam postponed from 3rd December, due to some exam software glitch, so I am not really able to do much
else but try revising after working etc. until the next exam date comes. I am hoping to have time off for Christmas! I am also trying to progress how I can get some help
with testing my general trading approach in a quantifiable way, so trying to progress various project ideas for my trading future has occupied my mind a lot.
Thanks for watching but most of all I hope you can keep me right with your comments and that some of this stuff is useful in some way.
Take care
Stay safe
Francesco (FreeFX)
topics covered today:
- USDMXN starting to make the right noises picking up from a major low, after retracing nearly all of the pandemic upswing;
- MXN futures volume showing strong selling today, with volume consistent and confirming the inverse move over in USDMXN spot;
- WTI Crude Oil futures, one of the Mexican Peso's drivers, is stuck in a well-defined range with fading ATR and ineffective responsiveness to volume;
- MSCI Mexico ETF iShares is showing strong selling today, again a sign confirming the USD/MXN uptick.
I was responding a few days ago to a question from a follower on here who asked whether USDMXN would get to 19,500; I said no, or not by the end of the year,
and indeed we seem to have bottomed out in the 19.750 region. We shall have to see what happens next, of course, but I continue to hold long, even though
my demo trade is now in drawdown by a fair bit - my timing was a tad early for the turn. If I were to do this trade again, I would have waited a bit longer. Now it
is a case of staying cool and manage the trade. Should it start going lower than the full retracement of the pandemic swing, then I would surely bail out.
One more thing: my video cut me off at the end because I was unaware of a time limit on TradingView videos! I apologise and I will bear this in mind for the next
video.
I have been off for a few days as I had my CMT Level 1 exam postponed from 3rd December, due to some exam software glitch, so I am not really able to do much
else but try revising after working etc. until the next exam date comes. I am hoping to have time off for Christmas! I am also trying to progress how I can get some help
with testing my general trading approach in a quantifiable way, so trying to progress various project ideas for my trading future has occupied my mind a lot.
Thanks for watching but most of all I hope you can keep me right with your comments and that some of this stuff is useful in some way.
Take care
Stay safe
Francesco (FreeFX)
