1st Target Hit on USD/MXN:
Price did surprise me and took my first take profit on this trade just at the exhaustion point on the intraday chart. I have moved the stop down on the remaining portion of the trade to prevent further loss. If this is the range, as I suspect has now formed, price will very quickly move higher during the rest of this week. However, if I am wrong, I will continue to profit as price breaks down further.
I will only know later...when the intraday chart starts to balance. Note the balance zones the form at the top and bottom of this range. This tells me that the range is fairly "stable" because the order flow balances at the extremes. When the order flow starts to balance in the middle of the range, this will tell me there are trend traders (usually longer term traders) trying to establish positions for a break out. So far I'm not seeing that.
Price did surprise me and took my first take profit on this trade just at the exhaustion point on the intraday chart. I have moved the stop down on the remaining portion of the trade to prevent further loss. If this is the range, as I suspect has now formed, price will very quickly move higher during the rest of this week. However, if I am wrong, I will continue to profit as price breaks down further.
I will only know later...when the intraday chart starts to balance. Note the balance zones the form at the top and bottom of this range. This tells me that the range is fairly "stable" because the order flow balances at the extremes. When the order flow starts to balance in the middle of the range, this will tell me there are trend traders (usually longer term traders) trying to establish positions for a break out. So far I'm not seeing that.
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