MXNGBP trade ideas
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.
(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.
#GBPMXN: Bear Conviction Seen, Downside to Be Seen! #ForexTraders,
We have some weak candlestick activity here suggesting the bears are coming into the market. I like the weak candles and the bearish hidden divergence. Expecting some really good downside here,
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Regards
Tom
#GBPMXN: BEARS AROUND, EXPECTING DOWNSIDE CONTINUATION! #FOREX Traders,
Nice move here with the lower low off the rounded top in the pull back area, after we had the bear impulse leg. Expecting long term target to be hit. We have a long term, and a short term 3 wave pattern showing there is weakness in the short and long term trend. A nice short.
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Best of luck,
Tom
#GBPMXN: Bears Around, Expecting Downside Continuation! #ForexTraders,
Nice move here with the lower low off the rounded top in the pull back area, after we had the bear impulse leg. Expecting long term target to be hit. We have a long term, and a short term 3 wave pattern showing there is weakness in the short and long term trend. A nice short.
---Interested in joining my professional signals group, or receiving my professional personal online trading tuition? Message me here on Trading view or email me with the email address on my Trading view profile page---
Best of luck,
Tom
Buy MXNGBP Gartely - great Risk/Reward and good fundamentalsTechnicals
We have a Gartely pattern set up here. I am looking to go long at 0.03697, which falls between the 0.786 retracement and 1.272 extension along with 1:1 ratio between the AB and CD legs.
There is also a divergence on the Relative Strength Index from a heavily oversold condition, supporting a spike from around the current price.
Fundamentals
Slumping oil prices damage the prospect for investment in Mexico’s energy industry, while slowing growth in the US is hurting Mexico more, since the US is Mexico's main export market. However, Mexico has the best economic fundamentals in the emerging market, and is heavily undervalued right now, suggesting either a continued consolidation around the current low, or a rebound from this low. Fundamentally, this is a risky trade and could overshoot into the stop loss, but it could also be potentially very rewarding.
Profit target
I have set an initial profit target based on Fibonacci levels. I expect the second target to be met, and based on the fundamentals above and how they evolve in the coming weeks I will either move the stop loss up to the first profit target if the second is met, or I will close the trade there.