USDINR is stucked between 50 & 200 EMA
Hence, the strategy applied is Short Iron Condor
Sold ATM CE & PE
Bought OTM CE & PE to cover Sold Options / Hedge
Break Even Points
Downside BEP 74.11
Upside BEP 74.64
Max Profit expected : 12%
Scenario 1 : Continues the Head n Shoulder breakdown (can you spot Head and Shoulder?) to achieve T1
of Head and Shoulder breakdown target &
200 EMA Support. If breaks further,
then T2 can be achieved which is a support of 2 hammers printed previously.
Scenario 2 : If it does not break and open flat or gapup,
it may consolidate here before breaking down....
Possible Top is formed with Fake Breakout and strong inverted hammer.
View : Sideways to Bearish
Resistance @ 74.75 Support at 74
Short Straddle 74.75 or 74.5 Strike is possible
Or my favourite Bear Call Spread.
Sell 74.75 CE and buy 75 CE
this must be done on bounce, if we get one for this week's expiry.
TREND ANALYSIS & TRADE SETUP !
WAVE ANALYSIS !!
Follow Chart Instruction.
Do not be Hurry for entry.
Wait for Proper Entry Setup.
Buy/Sell with Best Risk Reward.
Educational Chart Only.
Wait for ENTRY CONFIRMATION !
As you are seeing on chart wave ((1)) has been completed and currently we are in wave ((2)) which is Developing in form of (W), (X), (Y).
If this movement sustain than in future we will see a wave ((3)).
So this is a good place to invest in reliance for delivery.
This prediction will take time.......may be few month