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USDINR

USDINR: Breakout and retest done, 75.50 coming?USDINR has broken out of the symmetrical triangle pattern formed on the weekly chart which I had discussed in my previous idea. After that it has done a retest of the pattern trendline and the 20EMA on the daily chart. If we observe a continuation bar forming, as explained on the chart, we could see a retest of 75.50 pretty soon. Stay tuned for the continuation of the story.. _______________________________________________________________________________________________________________________________________________________ Manage risk properly and trade your plan. Like and follow for more.. :)
ULong
by Tradeception_
3
Short Snipe at USDINRLogic Expecting a breakdown of the triangular pattern, and a retracement towards 0.618 level of the bigger last wave AB All Levels Mentioned On Chart How to trade the setup? When the chart says Long or Short at particular level, Put a Stop Order at those levels, Levels are strict T1 : is Target 1 T2 : is Target 2 When you achieve your first target, book profits of 50% and shift the stops to the cost The term Catastrophe Stop, is a maximum movement of price that can happen in opposite direction of trade so that the setup remains valid, Its basically used, to give some breathing space to the trade, I may call for a recovery if the setup becomes invalid as the market progress. As we all know anything can happen in the market and we should respect that At Last, do your own analysis, before trading your money!
UShort
by Ankit_1618
#usdinr weekly inverted hammerThe USDINR currency pair charts weekly charts showing an inverted hammer formation at previous resistance zone close by trendline channel top shows the presence of bears and could be potential reversal signal that could possibly mean it is less likely for the currency pair to move to 76 levels and beyond. The dollar index may be facing resistance before 94.7. However the weekly momentum has climbed back to bull zones second time after the cover wave one where first attempt never sustained. The weekly trend is also is bull zones but the ADX strength bent is seen on short term daily charts that is saying that trend strength may be reducing coming days. With the US tapering that could come in soon dollar further strengthen is a threat for those trading short on this with any breakout from the current resistance zone would be ugly. USDINR options strangles can be played if it breaks and hit the next resistance of near 77 levels on November monthly contracts.
by seekedgetrade
9
USDINR: Breakout or Breakdown?On the weekly USDINR chart, there is a symmetrical triangle kind of a formation. It has taken about 20 months to form on the chart. This pattern could break on either side. My bias would be on the long side because the overall trend on the weekly and the monthly chart looks definitely bullish. But I would be open to re evaluate the scenario if it breaks the pattern and the trendlines to the down side. Possible upside long term target: 81 Possible downside long term target: 67 Wait for the breakout and retest on either side, then trade on smaller timeframes. _______________________________________________________________________________________________________________________________ Manage risk properly and trade your plan. Like and follow for more. :)
ULong
by Tradeception_
Dollar weaknessUsually a massive downward movement results in a spring like rebound but when price breaks down a key level and two massive supports i.e. the 50EMA and 200EMA, the psychology overtakes the physics. Monday would be crucial in determining the next levels. It would be the right move not to take long positions unless it moves above the 200EMA. If the rsi peeks into oversold regions, then the rebound would be very strong. But given the global cues regarding current situation of Afghanistan, rebound is likely to be gradual. Future price predictions are Date Weekday Rate Max Min 30.08 Monday 72.81 73.90 71.72 31.08 Tuesday 72.74 73.83 71.65 01.09 Wed 72.81 73.90 71.72 02.09 Thursday 72.82 73.91 71.73 03.09 Friday 72.60 73.69 71.51
Long
by daerontrading
USDINR View current weekHello Guys! 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 see a target of 74.25 slow and steady. Support at 73.5 So, Bull put Spread can be a good bet. Sell 73.5 PE and Buy 73.25 PE OR We may also Sell Strangle 73.5 PE and 74.5 CE to eat premium
ULong
by NeelamN
2