USD/MXN LONG IDEA - WATCHING FOR REVERSAL AFTER 1400+PIP DROP

We just caught 1400 plus pips on the sell of this pair (note linked related idea below). I have been waiting patiently for indication of reversal. We just received impulsive bullish movement; note also how price respects trendline and has confluence with 61.8% fib level. TP levels 1 and two are placed at 50% and 61.8% fib extension. Yellow zone is a key demand zone historically. Trade at your own risk and always use proper risk management.

Trade ist aktiv:

Nice bullish candle on the 4H..If not in already, watch for retest. We could still see more consolidation or a push to the downside before this pair takes off.

Trade ist aktiv:

Price appears to be rejecting the 200 MA. Protect profits or take profits at will

Trade wurde manuell geschlossen:

I took my profits as per my note above. The 200 MA rejection was enough for me to see a good time to take my profits. I do believe long term we will see higher; however, I will continue to watch price action as a basis for my next position.

Kommentar:

see how price responded to 200 MA after my update on 2/14.