Short

USDMXN Short

Updated

Daily Bear close
Weakly upper wicks
Im still analyzing this trade because I dont like that the 5th wave is truncated. Ideally a push higher above 20.47 would have been nice.
A really big bounce from 20.47 level could indicate we're starting the move down in C though so I'm looking for shorts

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Here is a shot of 4 hour chart, you can see the bounce from 20.47

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Another lower time frame shot

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My entry will be taken on 5 minute chart - Im looking for a move higher towards 20.26 to complete wave 2. Ill put a stop at 20.35 or .786 retrace because it is a counter trend trade and its possible we just keep going up to break the top so that we're no longer in a truncated 5th situation. Then I'll again look for shorts

tradingview.com/chart/KTNDML0J/

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Link to above comment chart is here

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Entered short at 20.2126. I did have an entry to sell at equal legs but I got rid of it because Euro was dropping so imulsively, I thought dollar would just take off and so would the USDMXN. Instead I entered using the 15 minute stradegy where I entered short once price broke below the 15 minute candle that got into my sell zone.

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I didnt look at the monthly candle and it is a huge bull. That spells trouble for this trade. I'm down some good pips on this, more then what I should have risked to begin with. Now I'm hoping this is just a B wave up and were coming to an end here soon. The other side is that it could keep going towards 20.60 where it might find some resistance

Trade closed: stop reached

This was a trade just done wrong. I had a couple opportunties to exit the trade when price got close to my entry point but I just stayed in. Well - I still think its going down from here but unfortunately Im stopped out and now may miss the big move down.

eWiz

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