GBPINR trade ideas
Wait for Butterfly to CompleteBe patient, and keep eyes on this pair. IF (and only if) price comes to selling zone, then it is also at an important resistance level , it seems in a good short setup. Remember that price action is important to conform reversal ( double top , shooting star , evening star ....)
New trend Might start Impulse Wave 31M chart analysis
1 round of impulse and corrections are over.
A new trend just got started and is separated by a vertical line labeled "1M Line separating new trend from previous trends".
1W chart analysis is focused on new trend
It is expected to stay within the ARC.
1D chart analysis is focused to rip apart what is going inside the ARC.
1 round of impulse and corrections are over.
A new trend just got started and is separated by a vertical line labeled "1D New trend is separated from previous trends".
1H chart analysis is focused on new trend in ID chart after the vertical line
1H wave 1-Impulse is over.
1H Wave 2-Correction is in progress and at important support zone 92.94 - 92.10 which meets with 78% retracement level of Impulse wave 1 and 1.61% extension of wave A in correction Wave 2.
Reversal to the upside is expected if the price breaks above 93.6.
Until then hold short.
Impulse Wave 3 started With a bullish engulfing candleI continuation to my previous posting with multi time frame analysis in the link, Correction wave 2 is over and Impulse wave 3 started yesterday with a bullish engulfing candle at 92.5.
Trade setup:
Trade direction: Long
Entry : 92.5 to 93.6
Stop loss: 92.0
Target :100
GBPINR SPOT Wave Analysis GBPINR SPOT Wave Analysis
Confirmation to Buy around 92.50 to 92.70 level. FX_IDC:GBPINR
GBPINR Range bound 25.06.2020Trade Setup
Trade direction: Short
Entry: 94.0
Stop loss: 95.0
Target: 92.0
Please post your agreement if my forecast is in line with your analysis. Please comment with your disagreement I am wrong.
Short GBPINR at 93.10Currency pair GBPINR is currently overbought at 93.10 and is likely reversing direction to head for 92.80. Target (T) and Stop loss (SL) is advised for 1:1 at 30p each, with recommended profit booking at 92.90
GBPINR AnalysisFX_IDC:GBPINR
Either of the above channels should work.
Current support shall be initial target.
Break below current support shall drive further drop to target 1 and 2.
1D close above Line 1 shall indicate correction or reversal to downtrend.
GBPINR Analysis 12.05.2020FX_IDC:GBPINR
Drop in price today 12.05.2020 was huge.
Price Drop happened upon breaking below the head and shoulders pattern.
Based on above facts and momentum its seems that the fall shall continue.
Short until the price is within the resistance line of the channel.
Hope its going to be fun.
GBPINR ANALYSIS 09.05.2020FX_IDC:GBPINR
Price had deviated uptrend line and is under correction.
Correction is expected to end around 92.0 as
1. It is the strong historical support zone
2. 92.0 is 38% Fib retracement level
Wait for bullish candle stick or chart pattern as reversal signal around 92.0 or daily close above the correction channel to enter long.
But this is not the time to be Short
GBPINR 1H Analysis 05.04.2020FX_IDC:GBPINR
Statistics of info lines imply that the momentum is to the downside.
GBPINR Analysis 05.04.2020FX_IDC:GBPINR
Last couple of weeks show mixed data with high momentum on both sides.
The marked triangle is the area to be monitored for clues on direction.
However aggressive trade decisions can be made as shown in below chart based on Last week high and low
1. Watch for the pattern formed within the price range with blue blue in Daily chart.
2. Follow the pattern in daily chart to take long or short positions.
minor wave 5 of Wave 5 - GBPINRIn subwave 1 of 5 th wave ,
subwave 1 was a leading diagonal,
subwave 3 reached 100 % distance of subwave 1,
subwave 2 was a simple correction , followed by subwave 4 being a complex sideways correction which was also deep than wave 2 showing alternation,
subwave 3 was normal wave meaning being less than 161.8% of wave 1,hence subwave 5 was extended,
subwave 5 of wave 5 ended between 200 to 223.6 % fib projection of wave 1-3 's distance making it extended.
Elliot wave analysis GBPINRwave 4 was a flat correction respecting elliot's theory of alternation as wave 2previously was a simple zigzag,
wave b ended after retracing between 78.6 to 100 % of wave a,
wave c ended very near the wave a low.
wave 4 retraced to 38.2% of wave 3's length from bottom of wave 3!
WAVE 3 - GBPINRWAVE 3 REACHED fib extension of 138.2% OF WAVE 1 AS SHOWN ON Daily chart
wave 4 retraced 38.2% of wave 3.
GBPINRWAVE 2 ZIG ZAG CORRECTION! ABC ,WAVE 'C' TRUNCATION I.E FAILURE TO TAKE WAVE 'A 'LOW!! DETAILED LOWER TIME FRAME (4 HOURLY)
