INREUR trade ideas
EUR INR – HEAD AND SHOULDERIn 1 HR Chart EUR / INR forming the HEAD AND SHOULDER pattern,
To make the trading decision
We have to wait until the close of 1 HR candle below the NECK LINE to ENTER SHORT
EURINR bullishas the EURINR has broken through the 2 line break, hence EURINR is bullish, i.e LONG at 72.5 with stop loss being at 72.0258
the target is 73.23.
this is a very simple strategy of overlaying the 2line break chart on a candle chart, which immediately gives you the direction of the market, entry and exit.
POTENTIAL BEARISH CYPHER PATTERN ON EURINREntry-72.5654
Stop loss-73.3933
First Target-70.8092
Second Target-69.7242
EURINR Elliottwave: Looking for break of monthly trendlineTalking Points:
Technical Strategy: Bearish
Elliottwave Count: Either wave (C) continuation or B wave of (B).
HTG Note:
Larger outlook on weekly chart is showing weakness on long and short term. EURO vs Indian Rupee price is testing weekly trend line. Last time this line was tested on September, 2015 and post that we seen nice pullback towards 77.80 levels. We in HTG consider that was correction and marking as a wave (B). From 77.80, we were seen bear continuation and currently price is testing same weekly trenline. Break of this weekly trendline will be very bearish outlook for Euro. On alternate, if price is start trading higher, we are expecting to see price can go and above 82 levels before it's turn bearish again.
Lower time frame, we are seen reaction near trend line support, however current price is trading in just correction and testing horizontal resistance on 70.15. We are expecting this zigzag correction should be over. To confirm, bear trend is back in force, we need to have channel breakout here @ 70 area. Post this breakout, we are able to mark correction over and can trade for lower target below 68
Action
We initiated short position @ 1.77 with limited stoploss
EURINR shortHello everyone here we might have a short but the trade will only be active when the price breaks down the rising wedge. R:R is extremely good
Bearish on EURINR for a few weeks after the rate hike decisionHi everyone!
I love your support!
I am Bearish on EURINR based on patterns on the daily and weekly chart.
There is a European central bank rate decision in a few days which will decide the direction of the trade and bring volatility into the market.
Important zones of support at 73.70 have been broken and a retest of that level can be expected before price moves lower.
Only and only once price reaches 72.6850 do I think of entering a trade.
The order will be as follows.
Entry to sell once price touches 72.71
Stoploss at 73.9
Target profit at 70.25
Edit the trade and bring the stop loss to break even when price reaches 70.90. At this point exit half the position and secure some profit.
As always trade safe.
Educational 07: Flag and Pennant PatternsThese are continuation trend pattern that are found frequently in the markets. I wanted to cover it and share it with you as I found some good charts during my research that are forming such patterns. One of them is Aban 2.41% offshore, chart link attested below. (I have also provided some examples given in comments box below for your references and goodself.)
There are 3 important things to note:
1. The Initial Impulse (Flag Pole)
2. The retracement (Actual Flag or Pennant)
3. The Measured Move (an equal reaction swing to the pole)
These factors conclude to the formation of Flag and pennant patterns. They are easy to identify and provide high potential returns.
Comment below your questions regarding the same to improve your and other traders understanding of the patterns by providing examples and any explanations if required.
Thanks for the support,
With Regards,
Educational 03: How To Trade Channels (Part I)This is the third education series on Channel (link of Educational 01 and Educational 02 given below),
In this educational post, I cover up points that provide trades opportunity in a trending channel.
Steps To Follow:
Step 1: Connect Two Higher High Points to Draw a Trendline
Step 2: Connect Higher Lows points, take a buy call
Step 3: Buy at pullback with additional indicators
Step 4: Sell at 3rd touch point of Higher High with additional indicators Confirmation
I shall be sharing the examples on part 1 in next series.
What's Next:
1. How to identify trend with channels?
2. What is the right way to draw channels?
3. How to use Channels to find trades? ------------------------> NEXT
4. How to validate channel trades and manage risk?
5. Multi-time frame examples
Purpose: To educate retail traders like us, to make inform decisions and to become profitable in long run.
I WOULD APPRECIATE IF YOU COULD SHARE YOUR CHANNEL DRAWINGS IN COMMENT BELOW SO THAT I WOULD BE SURE THAT YOU FOLLOW WHAT IS BEEN POSTED AND WILL SET ME UP TO PROVIDE GREATER DETAILS IN NEXT ONE"
Thanks for your support,
Best Regards,
Neetesh
Educational 02: How To Draw Channels? This is the second education series on Channel (link of Education 01 given below),
In this educational post, I cover up points that validate a Channel and benefits of drawing a right channel.
Validation points are as follows:
Point 1: Two Parallel lines
Point 2: Higher High and Higher Lows in Uptrend and Vice-versa.
Point 3: Two compulsory touch points in order to draw correction trendline.
Three Touches are ideal also called "Three Touch Rule" (Will discuss further in next educational series)
What's Next:
1. How to identify trend with channels?
2. What is the right way to draw channels?
3. How to use Channels to find trades? ---------------> NEXT
4. How to validate channel trades and manage risk?
5. Multi-time frame examples
Purpose: To educate retail traders like us to make inform decisions and to become profitable in long run.
I WOULD APPRECIATE IF YOU COULD SHARE YOUR CHANNEL DRAWINGS IN COMMENT BELOW SO THAT I WOULD BE SURE THAT YOU FOLLOW WHAT IS BEEN POSTED AND WILL SET ME UP TO PROVIDE GREATER DETAILS IN NEXT ONE"
Thanks for your support,
Regards
Educational 01: How to Identify TREND with CHANNELSThis is my first educational posting series on "Channels".
In this educational series, I would cover five important points while dealing with channels, as given below:
1. How to identify trend with channels?
2. What is the right way to draw channels?
3. How to use Channels to find trades?
4. How to validate channel trades and manage risk?
5. Multi-time frame examples
Purpose: To educate retail traders like us to make inform decisions and to become profitable in long run.
Thanks for your support,
Regards
EURINR Short Next Support at 73.2 level 38% fib levelEURINR Short Next Support at 73.2 level 38% fib level
