I hope you can now see how USDINR represents an excellent low risk profit entry setup allowing you to trade in the market.Take positions so that the risk/reward is in your favor.
Knowing why, where & when a strong reversal signal is being generated will be the only way to capitalize on your technical analysis .
Disclaimer: It should not be assumed that the...
USDINR has been consolidating since one week and tried to form a base (at the demand zone). In Previous day session it broke its resistance (73.65), and sustained above it. At current level it is looking good for long with good R:R, Minor hurdle at 73.9.
Note: This is for educational purpose only.
Long term trend is bullish. Seems like bullish in short term trend. But unless the channel is broken, can't determine a clear accumulation or distribution phase.
Finally, That long consolidation pattern broke out and the price seems to respecting 75.84 level which crucial to maintain further up move.
if it happens taking support at 75.84 then 77 and 78 on the way.
1. Price broke out the long consolidation pattern Triangle, pennant .
2. Keeping in that RSI still deviating but price structure is still bullish .
Plan A - Risky Traders
Buy with strict stops below 70.35 for 72.25
Buy above 72.50 for 74.50
Buy above 74.50 for 75.50-76 handle
Plan B- Safe Traders (Post Pattern Breakout on upside)
Buy only above 72.25 for 74.50 & above targets as mentioned in Plan A
Note - If USDINR moves in desired direction as expected upside holding...
ONCE UPPER TREND LINE IS BROKEN ON CLOSING BASIS GO LONG WITH TARGET OF 74.309 BE ADVISED IT MAY TAKE RESISTANCE FROM UPPER LINE IF DOJI CANDLE IS MADE NEAR UPPER LINE BE CAUTIOUS IT MAY REVERSE GOOD LUCK
NOTE: FOR EDUCATIONAL PURPOSE ONLY
USDINR is moving in a wedge.
Longs can be added on closing basis after break of upper line.
SHORTS can be added on closing basis after break of lower line.
Not advisable to take positions on inside the wedge.
Will update more on any significant moves.
This is the 3H chart.
Your positions are your own sound decisions. I am not responsible...