USDINR 4hr time frame. upcoming week may seen bullish.

OANDA:USDINR   U.S. Dollar / Indian Rupee
USDINR 4hr time frame, upcoming week usdinr may seen bullish .

On the daily time frame we can clearly see a bullish engulfing candle closed. on the four hour time frame there can be create a inverse H&S if price gives pullback from 68.79 to 68.44. 4hr time frame rsi is diverging as bullish . daily time frame rsi is oversold and made double bottom . weekly time rsi 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 bearish 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.

Comment: Pardon me for my bad english. English is not my first language.
Comment: USDINR currently in a deep consolidation mode. Traders are waiting for US/India Trade talk conclusion and WTI inflation data. we may see either side strong move my bullish bias remain same.
Comment: Hi, our target has been acheived. be cautious usdinr may drop to any level. there's a bear divergence at 4h time frame.


Great one!!! I have done the same analysis. Lets see how it works out..
Jahir_Jack imamitesh
@imamitesh, thanks for the comment.
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.
imamitesh Jahir_Jack
@Jahir_Jack, its moving.....where do you think it can go??
Jahir_Jack imamitesh
@imamitesh, I am expecting this weekend target 69... if 68.50 holds next week we can expect 69.15, 69.25, 69.40. kkeep in mind level bellow 68.44 usdinr is bearish again as of current price.
+1 Reply
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