USDMXN Analysis Potential Short & Long Position

Good Evening Traders, #ForexFargo checking in!

Today our analysis is on USDMXN.

Please bare with me as I have never looked at this pair and this is my first analysis.

The overall trend is Bullish indicating strong momentum.

Price has rallied from Monthly Support Level @ 19.0000 to our Market Structure Level @ 19.35000. 350 Pips!

Weekly Resistance Level is set @ 19.50000.

Weekly Support Level is set @ 19.10000.

Please refer to chart for detailed descriptions on Short & Long Positions.

Happy Trading as always!

Zlecenie aktywne:

Trading Scenario #2 is now active with 30 pips profit!

Komentarz:

Scenario #1 now active +100 pips!

Komentarz:

So pretty much if you couldn’t figure out those blue zones were actually fib levels 38.2 & 61.8 respectively. Scenario #2 ran until price reached our intraday zone level. Once price had enough momentum, there was a break at 19.35000 and retest of our 19.30000 intraday zone / market structure level. Once price reached that zone, should have had a buy stop set for 19.35000! This trade is now up 120 pips. This overall bullish trend since last week is approaching 500 pips!