USDINR trade ideas
Short trading USDINRFX_IDC:USDINR
Trend analysis and short term trading strategy
Attached below is the daily trend chart for USDINR.
Inferences from the image are that
Long term trend identified is an Up trend.
Price is supported at any of the two trend lines. If there is any deviation from these lines, it shall imply that the price is either forming a new trend or entering into a long term correction.
Identification of trading opportunities
To identify immediate trading opportunities, highlighted area in daily chart at present is under correction is assessed in hourly chart.( )
Highlighted area in 1 hour chart looks as shown. ( ) as follows.
1 Hour chart trend analysis
For better understanding, both the candlestick chart and the line charts are attached. These charts shall clarify the use of two trend lines at the bottom (Now only bottom lines are important) because market shall either obey closing price trend (line chart) or shall even take the highs and lows(Candle chart) into account.( ) ( )
Firstly the pattern in 1 hour chart has invalidated the bullish flag pattern by breaking below the black trend line (resistance). This confirms that the bullishness is to be paused a while.
After breaking the black trend line (previous resistance) it moved down sharply and is retracing back to previous resistance (black line).
Current price action is between the two resistance lines.
As no definite down trend line could be drawn at present, markets shall either get into a very short time correction or the price shall experience further resistance at the current zone and shall fall further.
Trading:
Look out for bearish candle stick pattern or chart pattern in i hour chart to enter trade.
Conservatively enter short only upon breat out of the current low. ( )
Stop loss: Shall be above the previous high(approx 73.0) which shall be confirmed upon break out below 72.42
Target: To the blue support trend line which is derived from daily chart (approx 72.0 to 71.5)
Caution: 72.0 to 71.5 is not valid target. Actual target shall be the blue support trend line in daily chart.
Conservative trade setup snap shot:
BULLISH CYPHER UDS/INRENTRY,STOPLOSS AND TARGETS ARE MENTIONED IN CHART ..PLS LIKE IF IT WORKS FOR YOU
USD/INR Long Opportunity From 72.8000 USD/INR long From 72.8000
Target Point 74.3000
Stop Loss 7250
Stay Tuned.......!!
Learn Here , Earn EverWhere
Rupee to get even weakerUSDINR went in a trading range at 73 and stayed there for sometime.
Now it seems to have broken out strongly above the 73 level.
Buy USDINR at 73.15 Stoploss 72.6 Target 73.7
Dollar Rupee- Sideways Choppy- Can of Worms 71.50 - 73.0018:46 Hrs 24th Sep 2018
Last Price@72.71
Hello Brothers & Sisters,
Dollar Rupee is trapped between 71.50 -73.00 zone and doing sideways choppy move - looks like something is left on the upside. So any move above 73 which is short term double top shall open can of worms as rupee can depreciate more or become more weak as compared to dollar.
If this happens then you will have to spend more rupees to buy same dollars.
can of worms
A can of worms is a situation or subject that is very complicated, difficult or unpleasant to deal with or discuss.
or
A complex unexpected problem or unsolvable dilemma.
Trading Strategy
Plan A - Look to Buy dollars in the zone 71.90-72.10 zone- strictly holding above 71.50 mark for upside target 72.90 -73.00 zone.
Plan B - Hold your buy positions from Plan A -once it starts moving above 73.00 mark & look for target zone 73.75-73.90 upside - later take rest
Plan C - If crosses 73 mark & holds above 73 then look for 73.75-73.90 as suggested above
Previous Connecting Idea on Dollar rupee
Dollar is heading towards 74-75 against RupeesDollar heading 1.618% which is 74.83 or 75 against rupees
USDINR - 64$ to 72$ - Whopping Journey 2018I remember clearly when I wrote last time about dollar rupee - I spoke about levels beyond 70$ when it was trading well below 65$ - Most of them never agreed that Dollar Rupee can head beyond 69$ mark as well.
You want to know more then do read my latest update on AUDUSD -
1000 Pip Fall Makes 3000+ from 8100 to 7100 – The Australian Journey 2018
FEW DAYS I PREDICTED THE 72 NOW LETS DO IT AGAINRUPEE NEEDS A CLOSE BELOW 71.6 IF WE WANNA SEE A RELIEF BUT THATS HIGHLY UNIKELY SO WHATS NEXT?
AS WE ARE IN A STRONG UPTREND AND RSI HAS BEEN STABALISED BY THE CONSOLIDATION PERIOD WE MAY EBEN HEAD HIGHER TO 73$ SO DONT BE SURPRISED
SHORT TERM ZONE TO KEEP AN EYE ON IS 72.33 REGION
GOOD LUCK
MITROO LETS TRY TO PREDICT THE RUPEECURRENTLY EVERYONE IS WONDERING WHERE RUPEE WILL HEAD NEXT? AS A TRADER I DID MY BEST TO PREDCICT THE NEXT MOVE WHILE KEEPING IT SIMPLE SO EVERYONE CAN UNDERSTAND BY USING PRICE ACTION.
SO WHAT NEXT FOR RUPEE?
WE HAVE SEEN RUPEE TAKING BEATING MASSIVELY AND DICLINING TO ALL TIME LOWS NOW WE ARE SEEING A STRUCTURE OF VALUE AT THE ZONE 70.7300 WHICH IS A STRONG SUPPORT IF RUPEE NEEDS TO RECOVER IT NEED A CLOSE BELOW THAT ZONE IF IT DOESNT CLOSES BELOW THAT ZONE WE MAY SEE 72$ SOON
