Charles Silva Prates / Profilo

Update on my USDMXN position:

USDMXN continues to drop sharply since the entry at 19.70. Current price is 19.22039, extending the profit of the trade. The sell position remains aligned with the strong bearish momentum in the market, now closer to the target at 19.05890. The high volatility continues to favor the current strategy.

Updated technical analysis:

1. Intensification of the decline: The pair broke key levels, including 19.34688, showing strength in the bearish trend.


2. Moving Averages: Both the 25-period MA (gray) and the 200-period MA (red) remain above the price, confirming and reinforcing the downtrend.


3. Acceleration of the move: The distance between the price and the moving averages has increased, indicating an acceleration of the decline.


4. Proximity to the target: The price is now significantly closer to the take profit set at 19.05890.


5. Support/Resistance: The 19.34688 level may now act as resistance in case of upward corrections.


6. Momentum: The formation of consecutive bearish candles suggests that selling momentum remains strong.

⚠️ Considerations:
The information above is for educational purposes only. All decisions should be made at your own risk.

This is my current position in USD/MXN. My sell entry at 19.63609 was strategic, taking advantage of the bearish gap followed by a reversal.

The large green bar on the chart illustrates my risk-reward ratio, and so far, the movement has been favorable since the entry, confirming my analysis.

I am aware that we are approaching the crucial psychological level in MXN. Although I entered a sell position, I remain alert to the possibility of a breakout above this level, which could attract new buyers.

I am keeping an eye on the support at 19.34688 MXN. A break below this level could signal significant weakness in the U.S. dollar, potentially extending my gains.

This trade demonstrates how I integrate detailed technical analysis with precise execution. Despite Mexico's higher interest rates, my decision to sell reflects a careful reading of technical conditions and market sentiment in an environment of potential economic slowdown.

⚠️ Considerations: The information above is for educational purposes only. Any decision you make is at your own risk.

By: @tradercharlesmb 02/10/2024

I currently have nine years of experience as a trader and only managed to live off of it after six years of practice. This profession is not for the impatient, and the idea that it's possible to make a living from the market in two or three years is a big misconception. Most people won't be able to do it even in 10 years, many not due to cognitive inability, but because they can't correct their bad habits. This is a truth that many course sellers don't mention for obvious reasons.Another thing is the magical setups and copying strategies: what works for me may not work for others. Besides technique, it's crucial to have emotional intelligence, risk management, and the ability to adapt strategies to market changes 📉📈. What works today may not work tomorrow. The success of a trader lies in their individuality and market vision. Explore different financial instruments, optimize strategies, be creative. Don't trade asset X just because the herd is trading it or because someone said it's better. Find what works best for you. I wish everyone a lot of focus and resilience. Best regards! 💪🚀

Yesterday, in my analysis of USD/JPY, I highlighted the crucial level of 141.92, which was broken with significant strength. Currently, the exchange rate is at 144.761. This breakout suggests a substantial movement, surpassing my initial expectations. Congratulations to those who, like me, seized this opportunity.

In 2016, I entered the world of trading, aiming to master the art of negotiation. After ups and downs, by 2020, I had become a professional trader. However, in the same year, my mother was diagnosed with advanced-stage cancer. Determined to fund her treatment, I turned to trading to transform our financial situation. I promised her a new home and a dream car, but her health declined rapidly. I dropped everything to care for her, but sadly, she passed away in my arms. After her departure, I found solace in trading and with the support of a friend, I continued moving forward. Today, I dedicate my success to her and vow to leave a legacy in her memory. 📊

Registrato sulla MQL5.community