USDINR seems to take a momemtum above 75.20
as it is a long term trend line level
This trend line breaks the flag pattern of USD INR made from its All Time high level
Good volume candle printed on 4hourly
Any pullback will be a long opportunity
My Trade will be
SELL 75 PE
BUY 74.75 PE
Bull Put Spread
I might also add a naked 75 CE to gain the momentum if it...
as per chart
usd getting power
while inr loosing the same
the pair given a breakout
thus shorting inr and buying usd as per above will work
usd may move beyong 75.5 zone as well
while support at 73 areas
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...
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...
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...
As the currency pair has broken out there is a possibility of a rally.
We can enter at the point of retest with a SL below trendline and a target neat swing high for a RR of 2:1.
The price may rally or retest the trendline before rallying further.
Currency’s trending world best statgies sell at registance buy at support ,draw horizontally line monthly support registance next draw horizontally line weekly support and registance and next draw daily support and registance redy to used your trending system and used indicator pivot points,bolinger band good to buy and sell signals high accuracy.
The 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. ...