USDMXN To 21.00 By Year End (Read Description)
USDMXN had been trading in a tight range in a series of higher lows and lower highs.
This is known as an 'ascending triangle' pattern.
Now, I dont actually trade triangle patterns, but my trade idea is based off exploiting this patterns flaws to facilitate a trade to the upside.
If you look at the NOV 26th Bullish candle that broke the 20.70 highs, there were most likley pending market orders to buy the market on a breakout. Since then it had retraced back into the range.
Now my attention turns to the 20.06 low where I suspect there are resting sell-stops of traders
who are LONG.
Should price trade to that level and reject, I plan to buy as counterparty to those willing sellers at 20.06.
Stop-loss at 19.75
Take profit at 21.00
This is known as an 'ascending triangle' pattern.
Now, I dont actually trade triangle patterns, but my trade idea is based off exploiting this patterns flaws to facilitate a trade to the upside.
If you look at the NOV 26th Bullish candle that broke the 20.70 highs, there were most likley pending market orders to buy the market on a breakout. Since then it had retraced back into the range.
Now my attention turns to the 20.06 low where I suspect there are resting sell-stops of traders
who are LONG.
Should price trade to that level and reject, I plan to buy as counterparty to those willing sellers at 20.06.
Stop-loss at 19.75
Take profit at 21.00
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.