Just a simple trade idea to diversify with a small long lot amongst other pairs.
Worst case... it drops to the ascending support and then just add another small long lot. Best to trade this idea with other pairs and close out all positions as a basket.
Trade Safe
This Week FORECAST (Low Risk)
Opportunity for short. This setup trading idea is for intraday. >> TAYOR
I'm just giving an idea, it's up to you to follow.
Hey folks,
In this article, I’ll give you an update on USDMXN, which we’ve talked about before. You probably noticed that the Mexican Peso (MXN) has been quite strong for the past couple of years, mainly because of higher interest rates compared to other places, USDMXN short was a good carry trade.
However, things have started to shift a bit recently....
Broken Trendline Keeps USDMXN In Downtrend For Wave 5 from technical point of view and by Elliott wave theory.
USDMXN shorts are doing very well as we mentioned and highlighted on October 12, when we spotted a corrective recovery in wave (4).
As you can see today, USDMXN turned nicely down from projected resistance and it can be headed much lower as bulls...
The pair has broken the down trend line and a probable up movement is expected. Take your profits early, as the pair is in a down trend since the Corona crisis.
This pair is about to hit major support where it's likely not only to hold but turn and then go on a tear to the upside.
The indication is for a +20% run here, from the buy zone, making it well worth the wait - and then a major Buy.
Pmi's Will Make Or Break Usd/MXn
Projected to come lower than expected it could be the signal that tips the market back into recession fears
Heavy reaction is expected here as goods balance and trade have been circumvented through Mexico as of late
Technically we are at a historic bounce area, a decent area of demand we are leaning towards a bullish bias...
Selling only after the retest of the HMA
**This is just my trading thought process and does not constitute as financial advice.
**Please trade with proper risk management**
Presently we are in a profit taking season against the dollar that has sponsored a bearish outlook. We have a change of character and break of structure that informs our bearish outlook targeting the unmitigated demand at 16.76 price handle. We are anticipating activation of our sell li it orders at 18 price handle.
I've initiated a short trade on this exotic pair, aiming for a target range of 17.45 to 17.50. The market dynamics seem favorable for a bearish move in this trade, and I'll be closely monitoring the price action for potential opportunities. If you're curious about how this trade develops, stick around for regular updates. Remember, trade wisely and manage your risk!
