INRJPY trade ideas
Hedge position in JPYINR.L.T.P.: 0.70500
We can go long in december future and short in january future(or vice versa).
If jpyinr starts an upward journey we will book profit in the long position at 0.70900 and doubling the short position.
S.L. for shorting position would be 0.71
Target for short position would be 0.70
If jpyinr starts a downward journey we will book the profit in short position and doubling the long position at 0.70.
S.L. for long position would be 0.69
Target for long position would be 0.71.
Now it is a triangleFollowed by a flat, Now it is a triangle.
There shall be another corrective wave to the downside targeting 0.698-0.696.
Red zone shall be short entry point where resistance can be expected.
Wave 4 is about to end @ 0.69829Wave 4 is about to end @ 0.69829 and wave 5 to start going long to hit 0.7080 - 0.712
JPYINR - Continues within range for an upward moveAs published few weeks back, JPYINR is still within the same range, that it has been since last few months.
It touched the lower edge and started again the upward journey.
With the current structure, it probably should reach levels of 72 in next few days.
Wave X in E is in progress Wave X in E is in progress.
Wait for pattern formation and clues for short entry
Short opportunity @ 0.692-0.694FX_IDC:JPYINR
Short opportunity @ 0.692-0.694
Target: 0.684
Caution : A Bullish reversal is expected in the zone of 0.688-0.679
JPYINR- Touching the lower edge of rangeJPYINR has been range bound for almost 5 months now. Again, it has touched the lowed edge of the range and a critical area to plan the next action.
I personally feel it would bounce up from this point and move again towards 72.00 price range.
Correction spottedRefer the linked idea for multi time frame analysis on 14.06.2020.
This post is in continuation to it.
That's the correction spotted within the channel is what I was looking for.
Expected support at 0.702
Enter long upon break out of channel resistance.
JPYINR Multi Time Frame Analysis 14.06.2020Trend: Uptrend.
Trade : Long
Stop loss: 0.6870
Target 1: 0.72177.
Target 2: Upon 1W close above 0.72177, Hold until reversal pattern is formed.
Remarks: Recently price had broke above the triangle correction pattern.
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JPYINR set to go downFX_IDC:JPYINR
Trade setup
Time frame: 1H
Position : Short
Entry: upon 1H close below the correction support
Target: Between 0.68 and 0.675
Stop loss: 0.695
JPYINR hit 5 week LowFX_IDC:JPYINR
Breaking below the 5 week support, price action validated the down trend line.
It continued to drive below the low of April 2020, which invalidated the expectation of support at disjoint angle.
Trend is bearish until the price offers further clues on reversal.
However not to be in a hurry to catch the running market.
Lets wait for the price to retrace and it shall be indicated by a bullish 1D candle.
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Wedge breakout in JPYINRWedge breakout and retest done. Target 0.67+
Lower channel trendline should act as strong support in case any pullback is seen
Bear structure in the makingStiff resistance near 0.6670 zone. Expecting levels of 0.6480 with stop loss above 0.66.80.
JPYINR consolidatingThe pair seems to be in a 60 min consolidation. Once this consolidation is done and the pattern is completed, it could move Upwards to retest the previous highs. I wouldn't go short at this point but I wouldn't buy either- before the consolidation is done.
JPYINR AnalysisJPYINR Trades Analysis using Blue Sky Plus Indicator. Message to get a free trial of the indicator.
