Be patient, and keep eyes on this pair. IF (and only if) price comes to selling zone, then it is also at an important resistance level , it seems in a good short setup. Remember that price action is important to conform reversal ( double top , shooting star , evening star ....)
1M chart analysis
1 round of impulse and corrections are over.
A new trend just got started and is separated by a vertical line labeled "1M Line separating new trend from previous trends".
1W chart analysis is focused on new trend
It is expected to stay within the ARC.
1D chart analysis is focused to rip apart what is going inside the ARC.
1 round of impulse...
I continuation to my previous posting with multi time frame analysis in the link, Correction wave 2 is over and Impulse wave 3 started yesterday with a bullish engulfing candle at 92.5.
Trade setup:
Trade direction: Long
Entry : 92.5 to 93.6
Stop loss: 92.0
Target :100
Trade Setup
Trade direction: Short
Entry: 94.0
Stop loss: 95.0
Target: 92.0
Please post your agreement if my forecast is in line with your analysis. Please comment with your disagreement I am wrong.
Currency pair GBPINR is currently overbought at 93.10 and is likely reversing direction to head for 92.80. Target (T) and Stop loss (SL) is advised for 1:1 at 30p each, with recommended profit booking at 92.90
FX_IDC:GBPINR
Either of the above channels should work.
Current support shall be initial target.
Break below current support shall drive further drop to target 1 and 2.
1D close above Line 1 shall indicate correction or reversal to downtrend.
FX_IDC:GBPINR
Drop in price today 12.05.2020 was huge.
Price Drop happened upon breaking below the head and shoulders pattern.
Based on above facts and momentum its seems that the fall shall continue.
Short until the price is within the resistance line of the channel.
Hope its going to be fun.
FX_IDC:GBPINR
Price had deviated uptrend line and is under correction.
Correction is expected to end around 92.0 as
1. It is the strong historical support zone
2. 92.0 is 38% Fib retracement level
Wait for bullish candle stick or chart pattern as reversal signal around 92.0 or daily close above the correction channel to enter long.
But this is not the time...
