(4h) Bearish at ConfluenceFX_IDC:GBPMXN
How much are you willing to risk?
We need the big bears to bid lower to this to work!
Safe Trades
MXNGBP trade ideas
GBPMXN which way?Hi guys,
Hope you all had a great weekend. I am expecting the GBPMXN to make a impulse move down, but the question is, is the correction over? I guess we will find out when price breaks structure.
Thank you for your support.
(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,
---Interested in joining my professional signals group, or receiving my professional online trading tuition? Message me here on Trading view or email me with the email address on my Trading view profile page---
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.
---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
#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.
