GBPINR formed H&S on the weekly time frame. Also pattern got activated, interesting to see if this H&S really plays out. cpm-85.8103 to 77.2491 it will take atleast five months to travel this price on target.
Looking at the 240 on this pair, I am guessing we are in a complex corrective pattern. If this is true, then the next leg could be upwards to finish the C wave which is part of the higher degree B wave. Thats the bigger picture from what I see.
GBPINR possibly is in a 240 consolidation and it looks like the B of the ABC is done. The next move could be upwards, to finish the C and thus finishing the entire corrective structure. I would like to look for Buy setups in the near term. The Sell may not go too far down but my view is that the risk reward looks favourable for Buy's.
Posting after a while as I was studying RENKO charts. Very beautiful charts but very difficult as they only take price action to calculate, so one RENKO box may get completed in a day whereas the next one may take a week and sometimes 2 or 3 RENKO boxes in day. Have taken a short trade based on RENKO chart and SAR and MACD signal.
The Pair has not made lower low on Heikin Aishi price charts. On the 1 Hour chart, it is made a green candle with MACD histogram rising and Stoch also giving buy signal. So wait and watch for buy signal.
You enter a trade and it is going in your favor, the profits are looking so attractive that you decide to make an exception in your trading strategy and close the position and cash the profits. Wow.. and then what happens!! You are out of the market, the trade is still going in your favor, and you are just calculating that you could have made so much more as now...