Trading Exotics starting with USDMXN | Forex Factory

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Trading Exotics starting with USDMXN

  • #1
  • First Post: Jun 16, 2020 6:24am Jun 16, 2020 6:24am
I wanted to put this in Discussions to get more people involved, but I don't have one of those stupid yellow flags!

Anyway, I should start by saying Im a fairly inexperienced trader though not completely new to this and I probably have quite average results, I do tend to make money trading but not lots of it, so feel free to listen to me but I wouldn't advise doing things just because I am, Im hoping more to get other peoples inputs on Exotic crosses and hopefully everyone can improve as a result.

So I noticed a couple of weeks ago when I jumped into USDMXN it was by far my most successful pair I was trading, I tend to only short as I have an investment outside of Forex that correlates and I originally did this to limit my exposure. The quick drops have been a good source of profit since and I find the pair to be quite forgiving if your entries aren't always great like mine.
I draw up support and resistance everyday and use that plus ADR to enter and set targets for my trades. I also have EMA 26 and 100 on my chart, they aren't always for my entry, though can be, but more to alert me to any potential flurry of movement after a crossover.

For me Exotics are a potentially untapped source of income, hopefully there are others that feel the same and have something to add here
  • #2
  • Jun 16, 2020 6:30am Jun 16, 2020 6:30am
Late Thursday and Friday of last week I entered short 3 times. It was a good day.
Yesterday I didn't enter though should have done around 3pm which I regret
Today I sold again as price broke and closed below 22.2 which has been a long running resistance line.
21.7 is the next resistance area.

SL is normally for an emergency only, Exotics can be wild, and ill normally close manually if It looks like im wrong. TP can be subject to change and normally just there to grab profit is there is a quick spike in my direction.
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  • #3
  • Jun 16, 2020 6:46am Jun 16, 2020 6:46am
if 22.2 is breached could pave the way to 22.455 near the ADR high. Bias is still short for now
  • #4
  • Jun 16, 2020 6:58am Jun 16, 2020 6:58am
Quoting SidneyMagal
Late Thursday and Friday of last week I entered short 3 times. It was a good day. Yesterday I didn't enter though should have done around 3pm which I regret Today I sold again as price broke and closed below 22.2 which has been a long running resistance line. 21.7 is the next resistance area. SL is normally for an emergency only, Exotics can be wild, and ill normally close manually if It looks like im wrong. TP can be subject to change and normally just there to grab profit is there is a quick spike in my direction. {image}
hi Sidney,
you chart look nice and clean

good luck with you trading journey
Forex can only be understood backwards, but it must be traded forwards.
  • #5
  • Jun 16, 2020 8:07am Jun 16, 2020 8:07am
Closed short with price beginning to stall. I don't need to look for a home run just take what you can.

Watching PA between 22.2 and 21.7 now to determine next entry
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  • #6
  • Jun 16, 2020 10:05am Jun 16, 2020 10:05am
That was a good time to exit shorts!
Switching to the daily for a moment: 22.2 has now been broken, bias is to the upside with 23.25 in sight

Edit, im currently not in this trade
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  • #7
  • Jun 16, 2020 11:10am Jun 16, 2020 11:10am
Quoting SidneyMagal
Closed short with price beginning to stall. I don't need to look for a home run just take what you can. Watching PA between 22.2 and 21.7 now to determine next entry {image}
very nice
Forex can only be understood backwards, but it must be traded forwards.
  • #8
  • Jun 17, 2020 5:55am Jun 17, 2020 5:55am
Greetings
I got fooled into taking a short postion last night and am now in a little bit of DD. My bias is still to the upside, 22.95 is key resistance point, might be a little high for today, but possible if things go wild, there should be no barriers on the way to 22.75 though.

If we get a break to the downside watch PA around 21.70. Minor S/R also at 22.01
  • #9
  • Jun 18, 2020 7:01am Jun 18, 2020 7:01am
Expecting a tough day, USDMXN is ranging at the moment and has more room to the upside. 22.72 is possible and is close to the weekly high, below their is serious resistance at 22.2 and at best price may drop to 21.95 which is the wicks have dropped to. A break and close in either direction will be significant but seems unlikely this week.
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  • #10
  • Jun 18, 2020 7:58am Jun 18, 2020 7:58am
Got hammered a bit on that sell but had to cut my losses I don't see a lot of downside still for this pair
  • #11
  • Jun 18, 2020 2:30pm Jun 18, 2020 2:30pm
Quoting SidneyMagal
Expecting a tough day, USDMXN is ranging at the moment and has more room to the upside. 22.72 is possible and is close to the weekly high, below their is serious resistance at 22.2 and at best price may drop to 21.95 which is the wicks have dropped to. A break and close in either direction will be significant but seems unlikely this week. {image}
Weve broken 22.72, a close above today and should be good to go long again for tomorrow
  • #12
  • Jun 19, 2020 5:48am Jun 19, 2020 5:48am
Good chance of consolidation today between USD and most exotics, USDMXN included. No big moves expected till next week now so have taken short position to hedge other investments. Looing for 22.37, stop at yesterdays high.
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  • #13
  • Jun 19, 2020 6:41am Jun 19, 2020 6:41am
Central Bank of Mexico meets next week to announce overnight rate, cut expected between .25 and .50bps, so could be a way to go up yet on this pair from next week
  • #14
  • Jun 19, 2020 8:17am Jun 19, 2020 8:17am
Moved SL to BE.
Should have taken profit when we ducked below 22.5
  • #15
  • Jun 22, 2020 11:22am Jun 22, 2020 11:22am
Been short since 22.6, so far so good. ADR low is a little bit above key R of 22.2, its in sight and I will make my decision to exit depending on PA there. This may end up being a long term entry if we can finally break through.
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  • #16
  • Jun 24, 2020 4:12am Jun 24, 2020 4:12am
This is a ranging pair at the moment, looking for a good exit from my short before tomorrows central bank meeting, if not I will be stuck holding.

Strong SR can be seen at 22.2 21.9 and 21.75 to the downside. To the upside just 22.75

Chart is H1
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  • #17
  • Jul 13, 2020 7:35am Jul 13, 2020 7:35am
Ive entered Long for UM, 22.35 is stop loss its an increasing trendline of bottoms from Febuary time
  • #18
  • Jul 18, 2020 6:59am Jul 18, 2020 6:59am
I closed the week up 14% Long on USDMXN
  • #19
  • Edited 6:59am Jul 20, 2020 6:43am | Edited 6:59am
Melco, this is on M5, but can also be adapted to work on M1 or M15 if you want
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  • #20
  • Jul 28, 2020 6:05pm Jul 28, 2020 6:05pm
Quoting SidneyMagal
Melco, this is on M5, but can also be adapted to work on M1 or M15 if you want{image}

You are a commercial member, trying to sell your system??
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