Hope you had enjoyed the festive season...
I enjoyed a lot... with Ganpati Bappa and Gauri Mata's Ashirwaad...
May God shower blessings on all of us...
Sorry ! As I did not post anything for a while...
This week's USDINR view is as follows :
USDINR was sideways for quiet sometime, consolidating in a triangle pattern.
It broke upwards today and I...
USDINR in a downtrend channel still as published previously.
Now it is also showing Head and Shoulder pattern if breaks the neckline will give good targets similar to the length from top of head to neckline.
If it fails to break down, then sideways view continued till it breaks upside.
Will look for price action tomorrow and take position of bear call spread if...
USDINR finally printed an Evening Star kind of pattern,
taking resistance of a downtrend channel.
Not in any trade this week as I was not very clear with my view.
Now, will take the trade tomorrow, based on price action,
will try to execute bear call spread and will try to sell on a bounce if I get one.
Monthly chart for USD/INR formed ascending triangle and looks ready for a potential down move.
Things to consider:
1. Ascending Traingle formation
2. Monthly Resistance
3. Macd & RSI indicating down move
4. Half M formation (could complete to make full M)
How to enter:
1. Review the market conditions as i presented
2. Locate the monthly resistance
3. Take entry...
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 !