USDMXN To 21.00 By Year End (Read Description)USDMXN had been trading in a tight range in a series of higher lows and lower highs.
This is known as an 'ascending triangle' pattern.
Now, I dont actually trade triangle patterns, but my trade idea is based off exploiting this patterns flaws to facilitate a trade to the upside.
If you look at the NOV 26th Bullish candle that broke the 20.70 highs, there were most likley pending market orders to buy the market on a breakout. Since then it had retraced back into the range.
Now my attention turns to the 20.06 low where I suspect there are resting sell-stops of traders
who are LONG.
Should price trade to that level and reject, I plan to buy as counterparty to those willing sellers at 20.06.
Stop-loss at 19.75
Take profit at 21.00
