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British Pound / Mexican Peso

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GBPMXN trade ideas

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
HOW TO TRADE LIKE THEM REVERSAL PATTERN #6 nested failure Here we have a nested failure pattern it contains a swing and a pullback that fails 2x to go higher. The target is the fist leg length as a measured move. This pattern is seen on all times frames the psychology is the bulls or bears try twice and after the second time they give up the confirmation is a high tail or a strong reversal candle after the last try. Here we see a high monthly tail. If you have the pair sl at the tail target the leg Keep size small and scale in when in profit add to it from the profit. Eurmxn is in the same condition if you have that pair
Short
by Donajor8
1
HOW TO TRADE LIKE THEM Currently trading. We have a market that don’t know what it want to do jk. But to most traders they quick to lines this up and wait for a breakout or say pennant. Macro patterns fail most of the time. Flags and pennant are bullish aggressive patterns and are seen at the beginning of trends. So in this case I see the market as struggling to go higher and making a chart pattern to attempt to go up. Yet due to the market correction w with a lower legs I’d brought this not the pattern. Yet still I see a failing market I’ll be ready to switch at the high HOW TO TRADE LIKE THEM-
by Donajor8
HOW TO TRADE LIKE THEM 4HR 8,000 PIPSOk plz look at the weekly post to understand the analysis as this post is to confirm the higher time frame price action and for entrance as we use the higher times for analysis, 4hr for entrance and 15min to enter the market. So I’ll be just pointing out what we on this time frame Currently we see the market reject the 4hr poc with a heaven shoulder and the beginning of a 200ma n 50ma cross which imo is a solid cross as they both are slow averages. But what is more important than this is we can actually See a rejection of both ma at the same time🙌🏾. This is awesome and rare. So this is more than enough along with the analysis to enter this market as indicators are use just for confirmation And they just did this. So what now Well what we don’t want to do is to just enter the market right away Why? Cuz even tho it’s confirm to shoot we must understand how work they at least on the major pairs so one must take the same precaution. I bet 9/10 they will shake the move drop it and bring it up to retest the ma or poc why mainly cus they know traders study the charts over the weekend and may see trades that they wouldn’t during the week so we can expect that if we see a set up during these time just sitting while the market is close we must expect them to fake it out a lil only to scare the weak traders and the greedy ones who go all in and can’t withhold when price move temporary against them. So we wait for another signs to enter while the market is open, maybe , Candlestick Or pivot or anything else you use in your trade, but do not enter any market based off of non moving price action, HOW TO TRADE LIKE THEM
by Donajor8
HOW TO TRADE LIKE THEM - THOUSANDS OF PIPS So I started following my first exotic as volatility of them had deterrent me due to lack of skills. Yet I’d reach the analytic level that I’m confident to trade and to post how to trade this beast of a pair. So the monthly is the same as the weekly so let’s start here and tbh the lower timeframe don’t show any different Trend Structures. Also I like to aid ppl in how to draw channels As we break down this pair thus this correction and education will help us and understand what we want to see, the markets direction as this is important to understand market psychology. Channel N trendline suppose to isolate price not by highs and lows this is faulty and will lead to errors in assessments. They are constructed to show isolate of price with rejection of a high and low. ONLY Now what is rejection? Rejection is a single candle Wick at a high or low. It is not several candies at a high or low with wicks etc or whateva. This shows indecisive in that high or low and price will return their to either take it out With one candle or pass it. So let’s keep this gem in mind as we go over this pair. So note there is a rejection of a previous high with a single candle Price retraces and go into a range Next price breakout and take out this rejection. This our first key sign Cuz the marketed rejected that high. And from the range as ranges are virtually where all decisions are made price left the range to take this rejection out and then we get another range Note the power behind this move as we are not talking about 5min daily or weekly movements we are talking years in development and efforts to break this rejection and then price goes back into a range and years later broke making another high Now note the last breakout didn’t leave a rejection of the high as we have several candles in this area so this must be drawn inside the channel and the first one outside the channel to reflect price action. As I did here. Now market psychology therefore tells us there is unfinished business at this new high. Thus we can assure price will go up to take it out either making a rejection of the high or surpassing the high. So there are many thousands of pips to catch in this move alone!!! But let finish the break down Note we have time action in play as each range is equal in distance thus we have a measured move which is crazy informative. It’s these subtle clues a market leaves for the knowledge trader to cash in. This measured move tell us that they have a set agenda at a set time to accumulate their position with a set time to distribute it!! Follow me!! Now we can see the driving force is bullish. But there’s more. Now note the red and blue the red is pivot r4 and 45 as the max resistance and s4 and s5 as max support. So let’s put this together We can see that they are driving this market up as price goes into the s4 zone but the key here is that the area got rejected falsely. This shows that they have the goals to take out the high as there isn’t a rejection of it.!! So we can see the attempt as a breakout with a retest in play as this makes sense and such actions is needed to break a new high above heavy resistance a r4 or 45!, So how to trade and what to expect Well note how price broke out the second time I’m talking about and price used that range area as support not once but twice this shows the that price isn’t wanted low. And that resistance became support. Also not that the 50 and 200 are still in the range! This is classics breakout material as we know that price will gravitate back to a range and to the averages and in this case it shows that price will go back into the range. And this is what we really want to see happen. We want to see price actually enter the range and get spit back out!! Now we can actually sell into the range and catch these thousands of pips cuz this is what is going to happen.. Or we can wait for price to get pushed back out the range and buy up to the high.. Now what to expect next well As said price will make a new high but will it continue or will we have a reversal. The reversal I doubt as theres much money involved to do all that is mentioned But we can expect them to cash out on their positions So I’m looking for a break of this high showing divergence with a single candle maybe at or above r5 with a fast bearish response giving us a deep pull back maybe breaking the low of the channel and Entering s4. here is where they may re enter their long positions either way there’s 100,000 of pips to ride here. Im already in.. how bout u? HOW TO TRADE LIKE THEM-
by Donajor8
GBPMXN Is Ready To Fall On Its FACE (Short Now)GBPMXN on D1 has Finally Finished its Double Bottom, and as we know, after some double bottom are fully created, a HARMONIC PATTERN is formed. Now... What that being said we need more confirmations. Here are some.... 1. Harmonic Pattern on D1 2. The Monthly appears to be making 2nd arm of Double top, and its lower then the 1st Top 3. May 13, 2020, it was here at the same spot, and FELL HARD 4. Its Over Brought 5. Other traders have taken profit at this location,when this happen, sellers take over 6.15m, 30m, 1H, 4H aiming to the downside direction 7. Need I Say More, lol
by SHOWTIME3