Bearish trend is (possibly) over.
USDMXN started plummeting on USD weakness, because the american currency is the big driver of the pair, and not the MXN.
Recently we noticed that price was moving in a bearish wedge which is broken now. These patterns are mostly signaling reverse and medium to long term bullish scenarios, so plan ahead.
Below the last wick of the unlucky seller we would never look to buy, as it is a very extreme pivot point if you go back in history. The first touch of the pool, as I named it, made price to engulf up. So whatever is our bullish trade, the stop loss should mostly rest in this pool along with plenty of other traders.
I like USDMXN a lot because as an exotic pair, it's not widely traded and that's not necessarily bad because the price action is mostly clean and the patterns that form are widely traded the same way from the majority of the traders.
Recently we noticed that price was moving in a bearish wedge which is broken now. These patterns are mostly signaling reverse and medium to long term bullish scenarios, so plan ahead.
Below the last wick of the unlucky seller we would never look to buy, as it is a very extreme pivot point if you go back in history. The first touch of the pool, as I named it, made price to engulf up. So whatever is our bullish trade, the stop loss should mostly rest in this pool along with plenty of other traders.
I like USDMXN a lot because as an exotic pair, it's not widely traded and that's not necessarily bad because the price action is mostly clean and the patterns that form are widely traded the same way from the majority of the traders.
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