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USDINR

USDINR 4h,can take a bearish dip following divergence on the RSIit seems an ending diagonal has formed and a bear divergence on the rsi can favor a bearish dip. it might open a new door to big players accumulate but if price really holds 70.65 and 70.32. otherwise it will drive into bearish trend. following long time frame usdinr does not look it will enter into bear trend certainly as usdinr having no favorable sentiment. Indian market is in negative sentiment since jun and july and still driving lot of institutions into crazy. downside target is 70.62, 70.32 and 70. Reason: Confluence 1. On the rsi we're having a strong bearish divergence. 2. there's seems to be an ending diagonal but not confirmed. 3. price confirmation at 1.272 fib level drawn from may 13 high 70.76 to low july 11 68.13. I've randomly mentioned some of my previews analysis on USDINR if you have time to check then good luck.
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by Ilikethehell
Elliot wave analysis - USDINR - Full Wave - WronglyI find USDINR is preparing for small up movement . So did one full Elliot wave analysis. When the USDINR Elliot wave analysis was complete, result was not satisfying. But The correct cycles are ((I)), ((II)), and ((III)) marked on chart, And I tried to fit all five which went wrong and waste of time. This analysis is for reference purpose and learning only. Finally - This analysis is not validating as per basic Elliot wave rules The Reason : I decided the Grand cycles ((I)), ((II)) .... ((V)) first and then tried to fix the subwaves. Correction: While putting the first Grand cycle ((I)), the subwaves should fit and then only should go next to mark ((II)) and so on.
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by sudhannayak
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Hi, We have got a situations here. USDINR 4h time frame.Discretion!! I am only 35% of the time right in my analysis and 65% wrong. I still make money but I can't gaurantee yours money management and position sizing is really matters if you don't know how educate yourself. Reasons for shorting: We got a bearish divergence at 4h time frame, daily trend is still remain bearish, weekly time frame price gave a currection and still remain bearish, monthly time frame price is pushing up creating a bull pin bar showing it like there's a huge demand. Price toped at bearish channel high reference from high 70.77 May 13. conviction although this is a short term currection on the bull side. Boarder retail traders now turned bullish as well as current news sentiment and Indian equity market is in negative, crude oil current price is 56.32. following Indian market's currection we have to be cautious and that's it. Conclusion. Strategy: Plan A. Sell 69.004 or bellow 68.851. targeting 68.719, 68.497, bonus point 68.341. STOP LOSE 69.138. Plan B. Buy above 69.158 targeting 69.25,69.50. Resistance: 69.053 strong one. resis 69.10, 69.138, 69.15, last 69.20. Support: 68.726, 68.543, 68.447, last 68.341. Thanks!
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by Ilikethehell
USDINR 4hr time frame. upcoming week may seen bullish.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. Strategy: 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. Thanks!
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by Ilikethehell
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