GBPINR trade ideas
GBPINR : Strong bullish charts
The pair is trading in a strong trend
the overall trend suggest a likley breakout to take place and led it towards 106.30 and 106.90 mark as long as 104.50-104.40 holds on the lower side
Inverted H&S | Descending TriangleFor a daily swing trend,
At 4H time frame there was a breakout for inverted H&S & descending triangle pattern.
From the CMP the target till the daily resistance, the SL considering the Inverted H&S or Daily support the risk : reward ratio are 1:44 and 1:25 are respectively.
Both the risk : reward ratios are good.
If my description is confusion please watch the video. haha :-)
Double bottom necklineAt a daily timeframe there is double bottom neckline pattern.
if the neckline breaks, the bull in the market will get stronger.
The daily and weekly support looks strong.
Disclaimer : The CMP is at the monthly strong resistance so trade with tight SL.
Daily Swing | 4H descending triangleCMP is at weekly ascending trendline.
Daily there is a bull swing, and 4H a descending triangle pattern(market retest in 4H).
If a 4H candle closes above 105.6653 can go for buy. The SL & target level are discussed in the video.
Small swing tradeThere is a swing in Daily time frame. The swing is already in move, but not to worry.
There is a ample opportunity to trad within the Daily's Resistance and support explained in the video.
Once the 4H candle closes above the 106.2834 level, look for the swing or patterns in the any lower time frame from 4H and trade(be bullish) your targets reaches or the daily resistance zone(107.6846 to 107.9114).
GPBINR Update-4 Y-->H-A complete up to date analysis of GBPINRIts a long time since my last analysis being documented publicly and so an end to end analysis should refresh the memory of what's going on with this pair. Let's start with super long time frame-the yearly time frame and drill down into lower time frames. Year-->Month-->Day-->Hour shall be the approach to resolution
Chart 1: Yearly
Statistical view:
Yearly chart is straight forward. Statistics show that GBP had no hesitation gaining strength against INR since 1983 until 2014. After 2014, strength of GBP was slowed down. Recent gains were at 41 degrees which is slower than the previous losses at -49 degrees. The high of 2021 and low of 2022 are important levels to watch. These levels should be watched for close above or close below on a step line (O+C+H+L)/4 chart. The time taken by price action to recover from losses during 2014-2017 is greater than the recovery from 2007-2010 which implies that the GBP is losing confidence against INR.
Technical view:
Motive and corrective phases could be identified with step-ups and step-downs. Recent uptrend from 2017-2021 is a corrective wave B to 20014-2017 downtrend A. End of B wave could be marked upon break below 2022 low of 97.1625 in 2023 or it could continue to 1.272% of wave A which is 105.0122. Hope fully we could get this answered when drilled down into lower timeframes. Price action since 2014 shall be focused while drilling down into monthly time frame.
Chart 2: Monthly
Waves are ripped apart and resolved in monthly chart helping with better insight on what's going on with the price action. Wave A has 3 clear internal waves and is complete. Wave B has 3 clear internal waves, however the recent 2 waves make it look confusing. Wave B might be incomplete and could be a 5 wave pattern forming either an expanding triangle or a leading diagonal of upcoming motive wave or an ending diagonal of whole uptrend. It is worth to be noted that the corrective waves in red are retracing to the same level of their corresponding motive partners in green. Also the motive waves in green are stretching themselves with higher momentum and distance. If wave B is an expanding triangle, then the current inconclusive wave should end or reverse heavily at 102.9624. If it is a diagonal then the price action should close beyond 103.3464 and the downtrend which follows there after shall decide whether it is a leading or ending diagonal. There seems to be a lot of time until Dec 2023 for the market to decide on what to be done. However 99.8734 is an important level to watch which when broken below before end of July 2023 shall slow down the upward momentum. Let's find out the behavior of this inconclusive wave in daily chart.
Chart 3: Daily
The inconclusive wave is ripped apart on daily chart. The motive wave is made up of 3 waves followed by a corrective wave X which is followed by a motive wave of less momentum compared to the earlier motive wave. The recent wave in question had almost retraced wave C of the earlier motive wave and hence it is a corrective wave to the whole motive wave with less momentum. Price action is at the trend line of inconclusive wave and at 101.8958 the support where wave B of previous wave ended. To get an idea about what this wave in question is doing hope 1 hour chart should help.
Chart 4: Hourly
Corrective wave clearly dissects two motive waves. Motive-2 wave is slower but had travelled a little farther than Motive-1. The downtrend is not yet over as there is no reversal signal. The recent price action seems to be a pause to downtrend. Lets wait for further clues to short GBPINR. Hopefully the wait might end by June 23 2023.
To understand the concepts behind my analysis please checkout the linked idea. Happy trading :)
Disclaimer: Validate with your analysis before trading. This post is not a trading advise but a product of personal research and analysis
GBP/INR on Monthly chartPound to face a good resistance from 102 to 105.
We can expect fall till 80 in form of wave C.
Invalidation level is 105.2956.
Stay safe and trade safe.
Note: The above is strictly my view and not a trade recommendation. Consult your financial advisor before making any trade.
***Ignore the Indiavix and Yield parameters below the chart.***
GBPINR Update-3Price action after a long bullish run had taken a pause, and the pause seems to be over.
Interpretation 1:
As there were 3 complete waves formed in the bullish trend and the recent motive wave was slower than the earlier motive wave which might indicate that the formation could be an ABC. Recent correction could be a long term correction which might be an X wave unless the C wave is completely retraced. Refer chart 1
Chart 1
Interpretation 2:
Though the recent motive wave was slower, but it travelled longer than the earlier motive wave, this could be an evidence of slow bullish market sentiment and it forces to interpret the formation as 123. Recent correction could be wave 4. Refer chart 2
Chart 2
Now the question is whether the recent correction a wave 4 or wave x? Well that has to be answered by time.
Period taken by recent correction is yet not sufficient to be in proportion with the recent motive wave or the earlier correction wave to answer the above question. Refer chart 3. Market might give a clue about the answer by 23 or 24 Jan 2023 (the period inside recent correction box)
Chart 3
What until then?
Daily chart shows formation of a piercing candle after a brief down trend which might indicate return of a short term bullishness. Refer chart 4
Chart 4
Trading strategy:
Position : Long
Entry condition : Only upon daily close above the resistance at 100.1472 on/before 13 Jan 2023
Entry zone : 100.1472 to 100.2962.
Stop loss : 97.9810
Target : 102.67
If the price does not break above 100.1472 on or before 13 Jan 2023 then the price action and patterns should be relooked.
Keep watching this space for further updates on trading and managing the trade.
To understand the concepts behind my analysis please checkout the linked idea. Happy trading :)
Disclaimer: Validate with your analysis before trading. This post is not a trading advise but a product of personal research and analysis
NSE Forex Trading: GBPINR Vs EURINRQuick and safe profitable trading opportunities in currency trading in India via Hedge approach by simultaneous selling one currency pair and buying of another currency pair and vice-versa.
GBPINR Update-2
This weekly chart shows that the encircled price action displays bullishness where the shaded area was an intermittent bearish move. This bearish move divides the bullish move into 2 waves as shown below
The daily chart can be interpreted as
Option 1
Option 2
The common area of time and price move equivalent to the previous move is
The recent momentum after the correction is more than the one before correction.
What next
Look for bullish trading signals until the price action is above the pitch forks. If already long then the green shaded area should be the stop loss
Target price and time are purple highlighted areas.
Agreed if there are any contradictions with Update-1 which are linked
GBPINR Update-1 (Revised)My view on the short term forecast posted in the linked idea is revised:
The recent price action is bullish after correction but it is slower than the previous motive wave. Hence I am concluding this wave as an ABC wave.
Wave C has a potential to move upto 100.4 but not certainly if extends beyond Dec 6 2022. This wave shall conclude on or before Dec 6 2022 ie within the time duration of wave B.
Internally wave C looks like it is a 5 wave move up where in it have now done with 3 waves with 4th wave to be confirmed by breaking below 96.2 and wave 5 yet to come to finish wave C appropriately.
GBPINR Update-1Long term outlook on monthly chart shows that the price action is on a major correction.
The highs and lows inside the correction area look like this
This could be a triangle
OR
A flat
OR
Based on momentum of price action, the chart could be resolved as
If the running flat was predicted correctly then the next motive wave to the upside should be faster than the previous motive wave.
Major area of consolidations in wave C of the running flat are spotted in red boxes were resistance can be expected in future.
Accordingly the short term forecast is as follows
Pound will depreciate against the RupeeThe British Pound has become a worthless emerging market currency, that could make depreciate the currency toward the Indian Rupee.
GBP/INR 79.5
NSE Forex Trading: GBPINR See the power of MSA Model, in capturing the trend and converting it into reality by going long at 9:00 am and exiting at 9:40 am
It's a long! Rangebound action!It's time to buy. This pair rangebound movement will benefit for few trading sessions.
Rising wedge in GBPINR, waterfall is coming!Having close watch on GBPUSD, we could expect this pair will benefit Indian rupee. Downfall is very likely occur in next trading sessions. Follow if you like the analysis
Buying GBPINR 100.49/-I don't see any kind of reason, which can change my decision. It is a very good support and I believe that pound will appreciate more
GBPINRAfter break strong 💪 support
GBPINR new target
Double bottom pattern + HEAD AND SHOLDER pattern
Wave 3 is done-Its wave 4 nowIts in continuation to the linked, wave 3 is over and wave 4 is going on.
Look out for bearish candlestick patterns in at least 4H chart to spot the end of wave 4 and to enter short in wave 5.
Wave 5 shall target 100.75 to end the whole correction.
It's wave 3 or C targeting 100.53 and 99.90It's wave 3 or C
Based on existing momentum to the sell side, it is expected to be a 5 wave move. Minor wave 3 in Major wave (3 or C) within the box is expected to end at 100.53.
Short positions can be expected at 101.5526 where wave 4 is expected to end.
Wave 5 shall target 100.53 and 99.90.
Self confirm for completion of wave 4 at 101.5526. As wave 2 was a sharp zigzag hence as an alternate, wave 4 can either be flat or triangle.
Let's wait and watch.
GBP INR Short Term Reversal Trade Pair has been in an uptrend and might breakout in the upper direction. It has reached the lower trendline and looks to take support and undergo a reversal rally.
Risk Reward Ratio - 1:1
SL is placed below previous swing low, 200 EMA, lower trendline and multiple support zones.
