The similarity between harmonic and basic chart patterns is that, for each of them, the shape and structure are key factors to recognizing and validating a specific pattern. The next price movement can thus be projected with the goal of turning these patterns into profits. However, a key difference is that harmonic patterns are defined more precisely. They are 5-point reversal structures, containing combinations of well defined consecutive Fibonacci retracements and Fibonacci extensions, leaving less room for flexible interpretation.
Harmonic patterns continuously repeat themselves, especially in consolidating markets. There are basically 2 types of patterns: 5-point retracement structures like the Gartley and the Bat and 5-point extension patterns like the Butterfly and the Crab. Trading harmonic patterns requires patience because, due to the specificity of the ratios, patterns that appear harmonic may not be if they don't align with the proper measurements.
Long if it breaks the high of the previous day with a stop loss at the previous day's low.
In case of gap up above the previous day's high or gap down below the previous day's low, please avoid buying it or selling it respectively. Follow the ending of the candle formed in first 5 minutes and follow ORB strategy.
Darn!! Consolidation bull flag has broken to up.
After three days of consolidation, now USDINR shoot up if Crude Oil supports credibly we're going to see 71.50 near term.
Moved Above 21 EMA.
200 EMA Act As Support.
Can Be Accumulate Till 609.
Potential Butterfly In Process.
Other Details Mentioned In Chart.
Positional View For Educational Purpose Only.
Please Consult Your Financial Advisor Before Taking Any Decision.
I am not SEBI Registered Financial Advisor.
AB=CD Is Completed.
Moving In Short Term Channel.
At Resistance Of Channel.
Other Details Mentioned In Chart.
Positional View For Educational Purpose Only.
Please Consult Your Financial Advisor Before Taking Any Decision.
I am not SEBI Registered Financial Advisor.
Short USDINR Target 71.32 short term.
According to Indian market today Nifty, Bank Nifty, Sensex all bounce up with a strong bull rally. also USDINR four hours chart looking bearish.
Fundamentals to Watch New Governor, Political parties Exchange, Indian market zoomed up.
USDINR short term target 71.32.
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