Black Friday saleUp to 70% OFF

GBPMXN

Possible Trade in Progress - GBPMXN - LONG - #QuickPips #ForexHi Guys, As usual, i'm posting my trade setups as i seem them occurring. I'm not in love with this current setup, but i think it has potential, so let's see how it all pans out. Onto the TA: We've currently at support at S1. As you can see it's been used historically as support via the green circle. The Top Level Resistance is above, labelled R1, and if you pan left, you can see it's been used historically as support and resistance . Line a represents our current downward trend line , this would need to break or we'll need to have sideways movement past the trendline a, before we could enter a trade LONG. If the following happens, i will no longer place this trade: Line a is still in play, i.e. price action remains beneath it S1 breaks, and the price moves significantly below it. Thank you for taking the time to read this, For_The_Many
Long
by For_The_Many
GBPMXN - early next weekGBPMXN is an exotic pair that is very high risk - but also very rewarding if you find the right entry point and are prepared to lose big time. Losing? Big time? Ooops - nobody want so hear about that! Right? LOL. I was taken out for a major loss a couple months ago, as I did not appreciate how violent this pair is. But.. but I've learned a lot in the last two months. This time around I'm more controlled and more disciplined. So, early next week I'll decide what I do. Gonna study this one more over the weekend. This is not a 'revenge' trade - if I get involved. I don't do revenge. That's novice stuff. I may well stay out.
by Captain_Walker
Hogs and pesosIn this screencast I focus on 'lean hogs' and the Mexican Peso v Sterling. The core issue is the ranging pattern on the daily time frame (over the periods I'm looking at). In general these two instruments are highly volatile and risky. However, the pattern creates expectations (not predictions). In other posts I pointed out that certain instruments have a certain personality to them. They behave differently in their volatility compared to others. One other that I did not put in the video is CADNOK on the daily or weekly time frame. I'm not saying that everybody should trade these instruments. They are certainly not for everybody because the sort of stop losses required on entering on these are very high indeed. So are the potential gains. Extreme stalking, timing and patience are required with these ultra-volatile charts. Success in the markets also involves finding and exploiting instruments that have their own particular patterns. Go forth and explore. :) :)
Education
by Captain_Walker
Weekly breakout could be exploited GBPMXN (weekly) chart is showing some interesting features, which lead me to be long on lower time frames. There is some sort of triangle, wedge, or pennant following breakout. The pattern is holding above a level of support (at this time). Based on experience, this creates a probability for further moves north. The Aroon is showing that the bulls are still in control, creating a probability for greater time-momentum . The above does not mean it cannot break down catastrophically. Every probability in one direction also leaves a probability for the opposite direction . A stop-loss is what limits loss if price moves against my favoured direction. I do not know what the future will bring - as I have no crystal ball. All I can do is take a controlled acceptable risk. I'm long on a daily time frame with this (which is not advice to others). GBPMXN is one of those that is very wild and often disobeys some of the rules of technical analysis. So extreme caution is required.
Long
by Captain_Walker
GBPMXN Weekly and Daily - important levelsPrice on GBPMXN is at a possible band of horizontal support. But at least it is an important structure level. Price has also broken the 200 EMA on the weekly chart. However, it has recovered in the in recent months from such a level. Disclaimer: This is not a recommendation or encouragement to take a position, or invest any money. GBPMXN makes both millionaires (the minority) and paupers (the majority) of traders. No liability accepted for any losses suffered. Paper trading accounts are recommended for those who wish to experiment.
by Captain_Walker
(W) GBPMXN at a critical pointThe weekly chart on GBPMXN is at a critical stage. A fall below an important trend line (in general) does not necessarily mean trend change - it depends on so much more. Price could still re-test the trend line in coming weeks. I'm also looking carefully for an aggressive and or filtered entry on the William Vix Fix (WVF). Of course the WVF does not rule anything, it only indicates a probability. WVF signals are usually more reliable coming out of pullback in an uptrend. Chris Moody has more on this on Tradingview. On the 4H time frame this is definitely a bear market - jaws of the Aroons are well apart.
by Captain_Walker
1