USDINR has been doing a sideways move for a while...
Although now as per Dow theory also, it has given a Bearish Direction with change in Dow theory...
Details in the chart above....
Let's take every bounce an opportunity to sell Calls of higher strikes (above current price - OTM)
and when it breaks TL, we might also be brave to buy Puts of ATM strike...
Achhe...
USD INR is seen to have completed its 5th wave of a smaller degree of bigger wave 3rd.
It should come lower and this can boost Nifty a bit at the least.
This is based on Elliott Wave Theory.
OANDA:USDINR
USDINR
Formed kind of bearish flag pattern
if it breaks the inclined TL downwards, then T1 : 75.75
further if it breaks that level too, then 75.54
But if it breaks the high of evening star and inclined TL above, then
76.46 is the level to watch for, if it breaks that then USDINR may get bullish again.
Plan your Trade ! Trade your Plan !
Happy Trading !
USDINR as expected moving in a neutral to short range as per our expiry view posted previously....
Now that we are watching a Sandwich pattern formed on 4Hourly timeframe,
if it breaks down
then there is a flag breakdown also with a breakdown of 50 EMA
this confluence may trigger an excellent Option buying opportunity.
For buying, use next week's option or...
USDINR 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...
USDINR has broken an inclined Trendline,
this can be seen as inverted flag pattern breakdown. {considering upside retracement as inverted flag}
Since, 75 seems to be a strong resistance (breakdown level), I am considering Bear Call Spread strategy with next week's (11th Feb) options.
Plan your Trade ! Trade your Plan !
Happy Trading !!!
USDINR gave inverted head and shoulder breakout and achieved it's target
Now, it is showing bearish divergence with previous high in stochastic.
candle close below breakout level shows bear strength.
Bollinger Band has started expanding indicating increasing volatality.
Trade with SL.
Plan your trade. then trade your plan.
Happy Trading !!!
USDINR has touched the Inverted Head and Shoulder target
Now, it is either retracing or reversing from the resistance point.
May capture this movement with SL at top of today's high.
Any bounce is a sell.
If it crosses 75, next target 74.75
USDINR gave a fantastic rally,
however, now the price is narrowing upwards, causing a wedge pattern.
its time for the breakdown of the wedge, if it does, good short trade activates.
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...
Note: This is for educational purpose only. Please do not trade in F&O based on this analysis.
There seems to be a bearish reversal from supply zone. Low of current candle is lower than that of previous candle.
SL: ₹ 74.70
#USDINR first week after previous months gravestone doji seems working and it lost grip of previous resistance
and now is heading down to channel median with 3 bearish candles. Momentum is resisting on rsi second time
each time attempt to break hit channel top.
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...
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.
