COUNTER-TREND POSSIBILITY | USDMXN (2H)

Following our 5,289pips trailing profit on our last speculation on this pair, find here a possible counter-trend trade for your attention;

Tendency: Temporary Downtrend ( Bearish )
Structure: Harmonic | AB = CD | Wedge
Observation: i. Impulse A-to-B to be in harmony with the B-to-C leg.
ii. The B- to-C leg is at 61.8% Fibonacci retracement of the A-to-B leg.
iii. Price completes correction at 19.31400 zone @ to form the point C.
iv. The C-to-D leg is a 127.2% Fib. ext. of the A-to-B move which is also equal to the A-to-B leg in distance.
v. Price action rejects 19.65000 (a psychological level) to form a resistance.
vi. Observe a Wedge forming which is represented by a trend line caught between two upwardly slanted lines of support and resistance (indicated on chart with green dotted line).
Trading plan: SELL with TP1 and TP2 @ 1,975pips and SL @ 19.70000/19.75000 zone.
Risk/Reward: 1/1.5
Potential Duration: 1 to 4 days

** Please note that Stop Loss is subject to individual risk appetite per trade and account size.

Watch this space for updates on lower time frames as price action is been monitored.


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