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Can you Believe the 5000 pip USDMXN drop in last 48 hrs?
Amazing move by the USDMXN in the last 48 hours. It has dropped 5000 pips the highs!
This move was presaged by the COT data--ie the commercials are extremely long on the Peso.
The P went the high of 11.5187 down to the current 11.0500. That is about 5000 pips in just a couple of days.
I mainly got interested in this p because the COT data told me to wait for a short on the USDMXN. [If the commercials are long the Peso then the USDMXN is going to fall.] The main key with COT data however is patience. The commerials trade thouss of contracts but their perspective is based on an outlook of weeks to months. Hence the USDMXN may have taken weeks to fall.
In this case however it seems like I picked just the right time to catch that fall. I am up 3800 pips that move right now. I got in at 11.4500. I sold the p based on the 4H Daily negative divergence I saw at the time.
[Just to clarify: one pip of the USDMXN is equal to about $ 0.09. So 3800 pips is worth $343.00. Any which way you look at it it was a nice move ! {This was a paper trade.} ]
cheerios.
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