Looks to me like it's headed towards another bottom. No reason why it should go up anyways, their whole country was downgraded last week.
If Feds don't cut rates, this will tank on the currency exchange alone.
Trade stängt manuellt
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Hosed.
Handel aktiv
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Feels like I'm chasing this a bit, but with nothing else to short, I'm at it again.
Next week's puts.
Trade stängt manuellt
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Decided to go into Brazil puts (EWZ). Figured I don't want a huge short position, so I closed this one out with a very small gain.
Kommentera
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Haven't played with this in a while, but timing indicates another gap up Monday, a bull flag dip for a couple of days and rally into the Fed meeting.
If the Feds don't cut rates (which I do not expect them to) then the dollar will go up. This ETF is not currency hedged so if USD/MXN goes up, this goes down....
You can see USD/MXN coiling on the monthly chart, pay attention to the exchange rate if you're in this long term.
@jaswik, see my comments above. I think you're position is good until the Fed meeting. Expect some weakness mid-week next week, nothing goes straight up....
Funny that you were arguing with a prediction that actually occurred though, lol.
hungry_hippo
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*your
jaswik
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@hungry_hippo, according to my technicals this is one of the long term rally instrument
I did read your messages
But this is a multi year support range and
A really awesome emerging market for other reasons
Although what yoh said is true I believe those correlations are weaker than my reasons to keel a buy
But as always trading always has a chance of backfiring so I have kept a low TP
hungry_hippo
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@jaswik, keep in mind that you're trading a non currency hedged foreign market ETF. While the market might look good, the currency chart does not. If the market goes up and the currency goes down, this will just stay flat.
It looks to me like USD/MXN is headed towards support where it will bounce. Pull up the monthly chart and you can see it coiling in what appears to be a continuation pattern.