FX:USDMXN Safe Trades;
I Shorted USDMXN at the break of the trend line last night before i went to bed, and woke up to a wonderful +$500. It is in a down trend on the larger time frame, so I expect it to keep moving down. Be mindful of the mini S/R line and expect a possible bounce there which could even take it back up to 17.54 where the top of the trend is. If it breaks the trend...
USDMXN is at a pivotal point here. It could break its long term down trend by breaking the top trend line and continuing up. It could break the bottom and stay in the channel for a nice short. Or it could buts both lines and do whatever it pleases. I am going to wait and see on this one in 8 hours or so, but I like a short to 17.1 If it does move down be...
The down movement is at the first started by Central Bank of Mexico auctions of cheap USD, to calm the forex markets, then they realize that the automated auctions guided by a systems of rules, it was making the market more volatile, they said because the automated robots using algorithms, then the raise of interest rates from Mexico, that give the down movement a...
Hello Traders, I spotted a Wolfe Wave already underway. We just retested the underbelly of the 2-4 line. This would be a good short at the current level. An exit at the 1-4 line would secure profits.
Finished abc correction of larger degree B, now looking for a C down. Open short position, lloking for 16.60 as a first target.
Poor risk/reward, so I will question whether or not to enter this trade and will evaluate the fundamentals at the time of completion, as this profit target would usually be my second target. Hopefully this should form by the end of the week. Enter the formation at 17.43219.
Sell at break down R3 level. Posible momentum shift, as RSI bouncing from 60 is well
Finished wave A in our target zone. Now looking for a B wave up, targets 18.32 -18.85. Notice the nice bounce on the RSI and MACD trendlines.
A short side breakout will be a sharp drop; long side will be a slow grind higher. Range is tightening as shown by the clumping moving averages.
As OIL climbes higher, I favor shorts on this pair. If price breaks through support area - go short targeting 17.30 - 17.40 area (next level of support) with SL at 18.40.
Trading Context for USDMXN: Explanation on the chart
Any movet back up to supply zone is shortable