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USDMXN

USD/MXNCould we see price continue up on as detected on daily or could price reverse and make its way down. We are at a good level right now, i have a kumo breakout and a reliable chikou span confirmation that this will go up on the daily. We are on the hourly right now and we can see price at a 0.236 retracement level so price could bounce up on continue down (watch for retest on the inside if this is the case). Furthermore on the daily we can see a buy at a good level as it is off the support trend line (up trend)
by sammaxking123
USD/MXN Short Idea - Death Cross Ahead and 700+ pips?USD/MXN has been giving us some serious pips since November! We captured over 1,400 on the latest sell-off, followed by 400 plus pips recently on a short-lived buy. If you refer to my linked idea below related to the reversal after the drop, you will see in my updates how the 200 MA provided resistance, to which I immediately closed my buy position. This area also happened to be a key zone in the market as highlighted. Price respected this area of resistance this week, right at the 200 MA touch on the daily time frame. What I see now is a possible death cross. We see a kiss and possible cross of two key moving averages, the 50 MA cross over the 200 MA to the downside. This could mean a death cross for this pair = more selloff, to the tune of another 700 pips! We also see the trend line,which as highlighted, price has respected. If this pair continues to sell off we could see price hit the next lowest key zone (highlighted), which also would serve as an area of confluence at the next key zone in the market. Based on the last bull run attempt it just doesn't appear that the bears are too ready to retreat and give way to the bulls. We see a little indecision accordingly so far, looking at the latest daily candle, and the bearish retreat on the lower time frame. Please view my linked ideas below along with my commentary in each idea along the way. Please also like and offer your comments. It's a good idea to pay close attention to my updates as I observe price action. I'm a student always and love to study the markets. As always trade at your own risk. This idea is for demonstration and educational purposes only. Always use proper risk management.
Short
by mrsceleste
USD/MXN LONG IDEA - WATCHING FOR REVERSAL AFTER 1400+PIP DROPWe just caught 1400 plus pips on the sell of this pair (note linked related idea below). I have been waiting patiently for indication of reversal. We just received impulsive bullish movement; note also how price respects trendline and has confluence with 61.8% fib level. TP levels 1 and two are placed at 50% and 61.8% fib extension. Yellow zone is a key demand zone historically. Trade at your own risk and always use proper risk management.
Long
by mrsceleste