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    Thread: mikehenley's trading journal

    1. #641
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      Quote Originally Posted by mikehenley View Post
      Personally, I do not trade those exotic pairs due to the fact that they really have a higher spread and will most likely a volatile one,
      But I actually browsing them as part of scrutinizing the currency pairs to look for an opportunity, and the EURMXN got my eye,
      It is like gonna' explode anytime soon,
      Below is the daily time frame, showing the candles getting smaller and smaller, and selling pressure are reducing day after day,
      If you are in my position, how would you trade this pair?
      Buy at the current market price then just put a tight stop? or wait another candle?

      Attachment 81350
      Traders are not very interested in exotic pairs for trading because they think that it is very dangerous way of trading but we need to keep in mind that without risks there is not profit in a business. I also trade in Exotic pairs and some days ago i trade regularly in Usd/Mxn with zigzag pattern. I made some good profits from that pair. According to my point of view you made a fantastic entry in this pair because it rejected several times from support. If a pair try again and again support level but fail to break then its mean it will pull back very hardly. This is very good opportunity for traders to go with Bulls and make handsome profit within short time.
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    3. #642
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      Quote Originally Posted by mikehenley View Post
      Personally, I do not trade those exotic pairs due to the fact that they really have a higher spread and will most likely a volatile one,
      But I actually browsing them as part of scrutinizing the currency pairs to look for an opportunity, and the EURMXN got my eye,
      It is like gonna' explode anytime soon,
      Below is the daily time frame, showing the candles getting smaller and smaller, and selling pressure are reducing day after day,
      If you are in my position, how would you trade this pair?
      Buy at the current market price then just put a tight stop? or wait another candle?

      Attachment 81350
      Actually that's a premium A++ buy setup for a contrarian trader and they will trade it in a heartbeat. But as a trend follower then I will wait for a bullish engulfing candle before placing a buy order. Either way it's a great buying opportunity and it will only depend on our money management since exotic pairs use a high spread.


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    5. #643
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      Quote Originally Posted by mikehenley View Post
      Personally, I do not trade those exotic pairs due to the fact that they really have a higher spread and will most likely a volatile one,
      But I actually browsing them as part of scrutinizing the currency pairs to look for an opportunity, and the EURMXN got my eye,
      It is like gonna' explode anytime soon,
      Below is the daily time frame, showing the candles getting smaller and smaller, and selling pressure are reducing day after day,
      If you are in my position, how would you trade this pair?
      Buy at the current market price then just put a tight stop? or wait another candle?

      Attachment 81350
      That was a very smart trade because as I can see right now on the daily timeframe, a bullish candlestick has been formed and if you had entered when it was consolidating, you would have made serious profit by now. So coming to my own analysis on the daily timeframe using the ichimoku, it seems the price touch the tenkan red at 22.2634 before it retraced but I believe it's going to break the 22.2634 which is acting as a resistance level. Once that level is broken successfully, then the price could move all the way up and could target 22.5689 which coincides with the upper cloud on the 4hr timeframe. When 22.5689 is broken, then the price will continue upwards and test the kijun sen at 23.1548 which could even act as a very stronger resistance level. If this level holds, the the pair may continue it's downtrend.


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    7. #644
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      f you are in my position, how would you trade this pair?
      Buy at the current market price then just put a tight stop? or wait another candle?
      Personally, if I do not trade these exotic pairs then there is no need meddling with them because like you said they are very volatile and could move hugely against your open position, and we need to make sure that we master and learn about the pair we want to trade on demo first before testing it out on our real trading accounts.
      Wisdom Is The Ability To Apply Knowledge And Experience To Any Given Situation.
      If you do not take control of your risks then you lose control of your trades


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    10. #645
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      Quote Originally Posted by mikehenley View Post
      Personally, I do not trade those exotic pairs due to the fact that they really have a higher spread and will most likely a volatile one,
      But I actually browsing them as part of scrutinizing the currency pairs to look for an opportunity, and the EURMXN got my eye,
      It is like gonna' explode anytime soon,
      Below is the daily time frame, showing the candles getting smaller and smaller, and selling pressure are reducing day after day,
      If you are in my position, how would you trade this pair?
      Buy at the current market price then just put a tight stop? or wait another candle?

      Attachment 81350


      Exactly I did not like to trade with Non USD pair that if I do analysis with USD that then I can do trade with all major pair or some other pairs but if i want to trade other non usd pair then it will be pressure for me, also there is about spread on non major pairs thats why really i dont trade with these pair,

      I see on USDMXN that is on uprtend, so anyone can get some pips with Buy with this pair, happy trading.
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