USDINR Next week view 18 March ExpiryUSDINR on Weekly Time frame has reached channel resistance marked in Blue parallel line
at this channel resistance, on daily timeframe it has shown us a hanging man (hammer) type candle ,
the low of this candle is also taken down by the big bearish candle.
Now this all has happened at the previous resistance level and this bearish engulf (hammer + big bearish candle) has taken down
low of the bullish breakout candle too confirming fake breakout.
Now, as per this price action any bounce is a Sell with Stop loss high of the hammer candle (77.150)
We can also see Bearish Divergence with RSI.
View : Neutral to Short with target 75.5
Counter view : if the high of the hammer is broken out, then bullish momentum continues, hence, continuing the view given in my previous post. Please check out.
Strategy that can be applied :
Bear Call Spread - Buy 77.25 CE Sell 77 CE (Buy OTM Sell ATM/ITM)
OR
Call Ratio Back Spread Buy twice of the lots of 76.5 PE and Sell 76.75 PE (Sell one lot of ITM, Buy two lots of OTM)
Few things to know about this spread are below :-
* Unlimited profit if the market goes down
* Limited profit if market goes up
* Predefined loss if the market stays within a range
Usdinrneutral
USDINR View USDINR is stuck in a range
74.5 and 73.5
Last week USDINR printed a neutral candle, this week price fluctuated between the high's and low's of that previous week's candle.
Sideways action expected for this week as well.
Risk takers may go for straddle or strangle strategy
Or I recommend Bear Call Spread.
Sell 74.5 CE Buy 75 CE
as Trend on higher Time frame is still Down.
Thanks !!!
Plan your Trade and Trade your Plan..
Happy Trading !!!
USDINR View 23rd July ExpiryUSDINR not making higher high or lower low
range 74.40 to 74.75
Made Short Iron Condor.
Sold 74.75 CE & 74.25 PE
Bought 75 CE & 74 PE
Will exit bear call spread if breaks down
or exit bull put spread if breaks up.
