USDMXN - Short with tight Stop !

We have a clear impulsive wave down, and are currently in wave 4 which is playing out as a Triangle.
We can short this because we have a very tight defined Stop which is above wave E of the triangle.

Note

Good Risk Management is the key to success!
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Ranking system for my trades

Rank 0, 1, 2, 3

0 = risk the most, it's when all stars are aligned, the gods love us. (very rare)
2 = our everyday trade
3 = risk the least, it's our least confident trade but could have a nice ROI if goes well.

Do something like this.
0 = 5% to 1 = 2.5%, 2 = 1%, 3 = 0.5% of your equity.
Change the values as you wish but
I do not recommend risking more than 5%!

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Note

We might see price come down to 18.08, which would give a 1 to 8 Risk/Reward ratio !

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Looking at this now. We should see a wave C higher.

Note

Short position closed out.

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Look for 19.40 - 19.50 as potential resistance zone

Note

Price turned at expected resistance zone.
Look for new entry after pullback of wave (ii)

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You can enter at market price 19.31 and re-enter at higher price with
Pending Order at 19.34.
Stop: 19.50
Target: to be determined

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We can move our Stop to 19.39. We are at the neck line of this H&S pattern. If you didn't take this trade yet, wait for the neck line to break before shorting.

Note

Can move Stop to break-even.

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Price urned around close to our stop but luckly without touching it.

Note

Stop reached.

ElliottWaveBelgium

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ElliottWaveBelgium

Don't forget to like, share and follow !

Questions? Chat or Comment on Ideas

Thanks !

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