USDINR has met a perfect confluence of lower trendline support and horizontal support on the Daily, and has just seen a small bounce of this support as confirmation. Before the bounce we saw RSI drop to 26 on the Daily and even lower on the smaller timeframes.
In our last idea we predicted an incoming bounce, with potential to drop to this horizontal support level before the bounce occurs. If we see further positive movement it creates a strong risk/reward opportunity, so setting a stop limit order a little ahead of the current price with a view to catching the early stage of a reversal after confirmation could set us up for a nice trade (NOT financial or trading advice).
In our last idea we predicted an incoming bounce, with potential to drop to this horizontal support level before the bounce occurs. If we see further positive movement it creates a strong risk/reward opportunity, so setting a stop limit order a little ahead of the current price with a view to catching the early stage of a reversal after confirmation could set us up for a nice trade (NOT financial or trading advice).
Trade active:
Bit delayed making this update but price bounced up to my entry level and triggered my buy order. I'm long with the SL and TP shown on the chart.
Comment:
Adjusted SL to 74.660, locked in 1 R profit, but still confident this can hit the full 2.55 R TP.
Trade closed: stop reached:
Very late updating this but obviously got stopped out at my adjusted SL at 74.660 for a 1:1 risk/reward profit.
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