On the daily time frame we can clearly see a candle closed. on the four hour time frame there can be create a if price gives pullback from 68.79 to 68.44. 4hr time frame is diverging as . daily time frame is oversold and made . weekly time oversold.
friday market PCR seen increase by 70%/40%. also last friday trade talk has been resumed and market expects a negative call from Donald Trump.
Resistance 68.62, 68.84, 69. support 68.44, 68.38, 68.31.
A long entery can be made at 68.47 to 68.44 stop lose 68.26 targeting 68.79 and 69.15. keep in mind bellow 68.31 usdinr is again.
Bonus point: when you get a chance to win a trade and it's reaches to 25-50% of your target and you didn't booked any profit from your initial entry point and suddenly price reverses and hitts your stop lose. before you were in little profit but same trade turned into a lose.
#From your entry point and between your profit target if you get atleast 25% profit then you should take 25% profit with your 50% position and rest 50% position move stop lose to breakeven now you're in a risk free trade with your remain 50% position. keep trailing when you see more profit. having a profit target is a must but never wait for price to reach your target. I take 50% profit with my 50% position but more safest way is 25% I reccomend.
Look this is my kind of style for profit taking if you like it or not I don't mind.
Hi, our target has been acheived. be cautious usdinr may drop to any level. there's a bear divergence at 4h time frame.
And yes it's supposed to work as there's a lot of factor involve also recently retail sentiment turned into bearish in a contrarian way it should be bullish.