We have two trading strategies available
1. The first approach involves simplicity: focusing solely on trading the C wave. We wait for the completion of the A wave, identify the subsequent B wave, and then use price action signals to enter the market.
2. Alternatively, we can opt for a strategy where we wait for a higher high before initiating a long position....
JPYINR's three-day chart shows an inverted hammer/inverted pinbar with a positive close plus bullish divergence of the RSI
Good time to go long @ 0.5773 target 0.6120 stops under 0.5740.
It's clearly made breakdown, it's time to short this pair. There was huge upward movement occurred in USDJPY today. It was clear sign to short JPYINR knowing USDINR will stay range bound this week
Price action had given some clarity now.
Chart 1: Shows the first option, where the price is now expecting to hit 0.64500 by 19/02/2022 to 25/02/2022.
Chart 2: Shows the second option, where the price can form a B variant of C elongated triangle followed by wave C. However the targets remain the same.
Trade setup:
Trade position: Short
Entry area: Upon break...
The pair has taken support in the lower trendline and looks to reverse and rally.
Target is placed near resistance.
Stop Loss is placed below support zone and lower trendline.
This Pair has reached the lower trendline, this may cause it to bounce back.
Risk Reward Ratio - 3:1
Target is Placed near swing high, SL is Placed below Support Zone
In continuation to the linked idea titled as "Update 1-JPY/INR", this post explains what's going on in wave E.
In the above chart there are 2 shaded areas in wave E indicated inside bold black bordered box.
Blue shaded area is the price action to the upside and the orange one is to the downside.
If the price action in the orange shaded area breaks below the blue...
Hi Team!
This is my trade of the week for next week.
It's a clear entry and exit, good confluences, and clear chart patterns.
Currency:
We are expecting JPY strength very soon
We are seeing neutrality with INR
News:
There is no medium or high impact news affecting either currency in the coming week.
Chart:
We are in a clear descending wedge pattern on...
The pair has reached upper trendline and may undergo a reversal rally. Trade is supported by Supports Nearby.
Risk Reward Ratio - 2:1
SL is placed below support zone & the upper trendline. The target is placed near swing low.
