Hi, We have got a situations here. USDINR 4h time frame.
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Discretion!! I am only 35% of the time right in my analysis and 65% wrong. I still make money but I can't gaurantee yours money management and position sizing is really matters if you don't know how educate yourself.
Reasons for shorting: We got a bearish divergence at 4h time frame, daily trend is still remain bearish, weekly time frame price gave a currection and still remain bearish, monthly time frame price is pushing up creating a bull pin bar showing it like there's a huge demand.
Price toped at bearish channel high reference from high 70.77 May 13. conviction
although this is a short term currection on the bull side. Boarder retail traders now turned bullish as well as current news sentiment and Indian equity market is in negative, crude oil current price is 56.32. following Indian market's currection we have to be cautious and that's it.
Conclusion.
Strategy: Plan A. Sell 69.004 or bellow 68.851. targeting 68.719, 68.497, bonus point 68.341. STOP LOSE 69.138.
Plan B. Buy above 69.158 targeting 69.25,69.50.
Resistance: 69.053 strong one. resis 69.10, 69.138, 69.15, last 69.20.
Support: 68.726, 68.543, 68.447, last 68.341.
Thanks!
Reasons for shorting: We got a bearish divergence at 4h time frame, daily trend is still remain bearish, weekly time frame price gave a currection and still remain bearish, monthly time frame price is pushing up creating a bull pin bar showing it like there's a huge demand.
Price toped at bearish channel high reference from high 70.77 May 13. conviction
although this is a short term currection on the bull side. Boarder retail traders now turned bullish as well as current news sentiment and Indian equity market is in negative, crude oil current price is 56.32. following Indian market's currection we have to be cautious and that's it.
Conclusion.
Strategy: Plan A. Sell 69.004 or bellow 68.851. targeting 68.719, 68.497, bonus point 68.341. STOP LOSE 69.138.
Plan B. Buy above 69.158 targeting 69.25,69.50.
Resistance: 69.053 strong one. resis 69.10, 69.138, 69.15, last 69.20.
Support: 68.726, 68.543, 68.447, last 68.341.
Thanks!
Anmerkung
If this could happen then there should be bull divergence instead bear. rising wedge on rsi and opposite wedge in price. we are getting more confluence here.
Btw anything can happen that's the nature's rule and we have to accept it whatever before and aafter.
Anmerkung
Another confirmation for bear is that PCR ratio has been significantly increased from yesterday's.Anmerkung
Hi, we got our 50% target and are so close to 100%. keep in watch all the S/R mentioned above.
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