INRUSD trade ideas
USDINR in Symmetrical Triangle- A break from immediate support arnd 66.33-35 and 66.25 (purple bottom line in triangle), can make Rupee bullish.
- And Immediate resistance of 66.92-98, can elevate USD towards 67.07/67.22/67.45 (which will incidentally be a 3rd top).
Presently has been in this Narrow range of 66.66/66.35 to 66.90/67.07 for almost a month
@USDINR testing upper bound of wage @USDINR testing upper bound of wage.
SHORT USDINR if resistance keeps it holding within the wage till Tuesday.
Educational 06: Gartley PatternIt is the second most important trading pattern in Harmonic Pattern series , called Gartley Pattern which is also frequently observed in markets. This post a second post of educational series related to Harmonic Patterns ,
In this post, I cover the following things regarding the pattern
1. Pattern Traits
2. Step by Step formation of the Pattern
3. Bullish Gartley Pattern measurements, labelling and targets
4. Bearish Gartley Pattern measurements, labelling and targets
5. Look of the pattern
Further to come in this Harmonic Pattern series , where I shall be discussing about the below patterns:
1. AB=CD Pattern (Completed) ----> Link below
2. Gartley Pattern (Present)
3. Cypher Pattern >>>>> Next
4. Bat Pattern (Coming up)
5. Butterfly Pattern (Coming up)
The best part of the above mentioned patterns that they can be used in all markets and at any time frame. It means you can use the patterns in stock markets, Forex , Commodities and at any time frame like hourly, daily, weekly etc. Therefore, they are important tools when analyzing the charts.
Purpose: To provide information to traders community that can help individual trader to learn more and take inform decisions while trading in order to generate consistent positive results.
Practice the above said chart pattern and share it below with us.
Thanks for the support,
Best Regards,
Neetesh Jain
Educational 05: AB=CD Pattern In this Educational post, I will be sharing the most basic and simple harmonic pattern: AB=CD Pattern
1. Formation of the Pattern
2. What to look in the pattern
3. Targets
This is a new series of Harmonic Patterns , where I shall be discussing about the below patterns:
1. AB=CD Pattern
2. Gartley Pattern
3. Cypher Pattern
4. Bat Pattern
5. Butterfly Pattern
The best part of the above mentioned patterns that they can be used in all markets and at any time frame. It means you can use the patterns in stock markets, Forex , Commodities and at any time frame like hourly, daily, weekly etc. Therefore, they are important tools when analyzing the charts.
Purpose: To provide information to traders community that can help individual trader to learn more and take inform decisions while trading in order to generate consistent positive results.
Practice the above said chart pattern and share it below with us.
Thanks,
Best Regards,
Neetesh Jain
Longterm Trendbreak???? Time for a temporary short?shortterm view: trading below 66.3 could accelerate the started downtrend-dynamic. TP1 would be 65.85 / 65
Big Picture:
USDINR and NiftyUSDINR could possibly be starting wave 3 of 3 of 3 of C down. This could correspond to the sharpest rise in Nifty i.e. a long awaited wave 3 rise.
USDINR ShortPattern appears to be corrective preceding a full-length impulse structure, hence marking an ABC pattern waiting for completion of Wave C
USDINR bearish until major market trigger as Halkish Fed policyIn the light of better US jobs data, simultaneos dovish fed policy in near term plus the positive sentiment in the Indian economy owning to better monsoon, 7th pay commission, possible GST Bill passing has led to a bullish INR as also seen from the charts.
For USDINR, resistance levels are 67.35, 67.50 & 68.00 while support levels are 66.50, 66.00 & 65.70
One should go short on any relief rally until 67.30.
67.25 July Calls can be written with low risk.
USD/INR - Rupee looking Strong (Sell $)As per the charts, Indian Rupee strong after the breakout from up trending channel with a long candlestick. This gives a indication. It may be because of GST forecast or may be something loosing up in US economy. We have to see with the time. Now, it is confirmed that this may reach to 66 levels again.
Stoploss to be maintained at 67.8450
H&S USDINRa move towards arnd 66.52 will complete neckline of outer (and more realistic) H&S...so from CMP risky Short call. If it does reach 66.52 then a definite Long from 66.52 towards 67.80
Immediate resistance seen at 67.44
USDINR Bearish View & Road Ahead!!USDINR would fall from current levels and probably make new loves below 66 levels.. Overall Rupee made a 5 wave down move from the top of 69 levels after which gave a 3 wave a-b-c correction with in the trend channel and is now ready for further down move.
Happy Trading!!
Siraj Hudda, CFTe
Web: www.prowaveanalysis.com
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USDINR@22nd May 2016- “Bang on…Impatient About Acche DinUSDINR@22nd May 2016- “Bang on…Impatient About Acche Din”
Getting impatient for “Acche Din” –I guess this is the case with every Indian since we voted BJP to power in 2014 since expectations were high & everyone was desperate to see better results.
But let us not forget Mr.Modi talked about 60 Months & it is just 24 months old under his leadership. The devastated state of the country’s economy was to be restored to normal first & Mr.Modi is doing his share of work. So, have faith in him.
Report on 6th April 2016
Unless USDINR closes below 65.95 & breaches rising trendline- do not assume that rupee will appreciate further beyond 66 & it is better to buy dollars. Technically, It was suggested that we shall have one more leg on upside in the form of Z-Wave.
Bang on…The journey has started, USDINR has closed & made a high as well above the ruin point 67.50 on 19th May 2016, Going forward –we have greater possibility that USDINR can even cross 68.80 & 69.22.
Let us not be scared & face that with courage – we might even have spikes above 70 odd levels which will create panic in market.
Looking at the structure, that is the euphoria which dollar bulls shall create in market very close to highs of 69.22 but it will be foolish to buy dollars in panic state as that is the time –when markets will change their hands & table could turn upside down for bulls – making bears stronger in that state.
Any day, when we have panic buying in dollars very close to previous high & making new high i.e. above 69.22 & not sustaining that high means- spike in candle with long shadows(kindly visit google for long shadows in candlestick images)- shall be the first clue that bulls be careful – dollar could start its downward journey.
Regards,
Abhishek H.Singh, CMT
Is USD/INR Going To Breach 70 Now?This is what we have to say about Mr. Raghuram Rajan's decision to leave Reserve Bank Of India ( RBI ) after the end of his current term in September.
This is what happens when you state the obvious to politicians. He is the only central bank chief with chutzpah to tell governing politicians that central bank can't cure it all with just cutting rates ! At some point they need to pick up the baton to reform and enact policies to progress. So he didn't has much choice. Either keep on cutting rates or do whatever pleases to the boss or show them the finger and leave. Besides his rising international acceptance and appeal wasn't going smoothly with someone who likes to grab all the attention whenever India is mentioned in international media. Guess who? ;)
We are not sure how markets will open on Monday because conventional wisdom says it will go down, but we have our doubts. Because in short term market may think that now he is going to be replaced with someone who will definitely start cutting rates and let the banks roam freely and that may cause markets to rally.
And of course USDINR is going to breach 70 mark in no time !
We have been bearish rupee for long time and there are obvious reasons for that. Here is what we said last year about rupee. bombaybulls.com
In a nutshell, nothing happens with empty promises of reform and someone who knows the country well, should be aware of the fact that it is not going to change in our lifetime at least !
A potential bullish garley pattern on the USD/INR2 .618 retracements signalling a potential gartley pattern on to the 65.500 range.
