We should be reaching the PCZ of a bullish ba pattern very soon. You could either wait for us to hit it or enter now as we are very close and don't get a big harmonic like this very often,
Stop below X and TP at the 0.618 retrace.
The break above 21.30 offered clear risk reward for long with stop back below 21.00 - overstretched short term technicals and speed of move is signal for profit take. For those still bullish, trail stop below 22.30 to lock in 1000 pip gain, next upside target 21.60/80
USDMXN we regard as a strong barometer for overall risk. Whilst we have liked Equity indices to break lower in face of relentless bad news and over stretched technicals, the turn up in USDMXN today is noticeable. Close above 21.30opens up for test of 21.80. Our core views are short Nas100 targeting 10,000 and SP500 targeting 3150-3200
Using smart money concepts i have found 2 profitable trades on USDMXN, its looking like there will be another chance to short this pair in the next couple of trading days.
entry based on a Daily IC candle, target the most recent low although could go lower.
Relatively new to forex and have been learning smart money concepts, this is my first published idea. This...
Altho the Dollar weakness is seen accross the board, there are a couple of exceptions, and MXN is one of them. IF, USD can gain the light blue coloured level there is high likelihood for us to see 23.50 later.
Let's watch the price action on those levels