Long

USD/MXN LONG TERM WAVE OUTLOOK (WEEKLY)

Updated

Possible 4th wave Long term correction about to end.

22.00 MXN to 24.00 MXN possible targets (Long term)

Hidden Bullish divergence on accumulation and distribution.

Note

Priced Bounced from .618 Fibb Resistance $19.91

Will look to open long positions if an opportunity arrises at $19.00-$19.10

If wave ¨E¨ Developes stop-loss could be placed below wave ¨C¨ (Its a tight stop but Risk/Reward to $22.00 MXN/$24.00 compensates for multiple longs on this trade (2 longs maybe 3).

Price might still go below wave ¨A¨ invalidating the buy. This would take me into a second buy between wave ¨A¨ and wave ¨W¨

Note

Long opened at 19.02 with Stop loss at 18.70.

Note

I am currently taking profits between $19.60 and $19.70 to hedge the original risk against the new stop loss at $19.00 U.S.D.

Selling about half of my equity plus full profit so far.

This profit will work as a hedge for the risk that remains thetered to the remaining equity.

This way the remaining part of the trade is now risk-free.

I will look for more longs is opportunity arises.

Note

I am currently risk free on this trade. Price has retreated to $19.11. Current stop loss is located at $18.99. Still looking for longs

Note

Stopped out at $18.99. Only had a small win. Most of the profit was taken by the hedge. Looking for longs again.

Note

Opened new long at 19.50 with a profit target of $24.00 MXN and a stop loss at 19.54

im trying to stick to the 5:1 Risk reward as possible.

Note

Im moving my stop loss to 21.29 due to the new down-fractal formed on the 8hrs ($21.29).

Note

There was a typo on march 01 update. the stop loss is located at 18.54 not 19.54

Note

I have closed my long position at $24.10 with a 23.5% Profit.

Trade closed: target reached

SantiagoGaona

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