Chart 1: What is going on with this pair after wave X in Chart 1? I really have no clue but could guess the following patterns. Option 1: - Chart 2 If the price does not break above 86.5568 on or before 1/03/2022, then this could be a triangle which forms Major Wave Y. If the price breaks above 86.5568 on or before 01/03/2022 the this could be a flat correction...
Just below trendline If it comes back to support area then it will be a good buy This is just my view and not recommendation
Option 4 (chart 4) in Update 10-EUR/INR was misinterpreted or I missed to notice the trade opportunity in this chart. However a lesson learnt without any loss. But finally the price action in "wave B or 2" resolved into a C elongated ascending triangle. Now Wace "C or 3" is in progress. Refer Chart 1 below for details: Chart 1: Now my duty is 1. To spot wave 4...
Following two trendlines as marked Currently trading at the lower line Good risk to reward trade by keeping SL below trendline. Wait for positive price action before entering. This is just my view and no recommendation
As expected in as stated in UPDATE 9-EUR/INR trade setup the price had hit and reversed at 84.6583. But the reversal to the downside from 84.6583 was not strong enough. Refer Chart 1 for details. Chart 1 Hence this downward wave is a correction wave to the previous ABC wave and this could turn out to be a regular flat as shown in chart 2 Chart 2: Option 1 Chart...
EURINR Weekly chart - Price is taking support near 200 week EMA Disclaimer: This chart is only for education purpose and it is not a buy/sell recommendation.
The pattern mentioned in Chart 11 of Update 8-EUR/INR given below turned into a major correction forming and irregular flat as shown in Chart 1 Chart 11 of Update 8-EUR/INR Chart 1: Price action had formed a Diagonal pattern to the downside after this correction. Right now the price is correcting the diagonal pattern which is expected to be over by 25 Jan...
It's pretty long since the last update "Update 7-EUR/INR" and all the targets are achieved and lets check how it had happened. As stated in "Update 7-EUR/INR", the price action broke below 86.8936 on 22 Oct 2021 09:30 (IST) which is before 22 Oct 2021 11:30 (IST) and indicated that the reversal was faster than wave 5 (the ending diagonal). Check out the Chart 1...
The pair has broken out and retested multiple times, therefore it may undergo a rally. Trade is supported by brokerage calls and Supports Nearby. Risk Reward Ratio - 3:1 SL is placed below support zone & the upper trendline. The target is placed near swing high.
Apologies, friends!!! It was pretty premature to conclude in Update 6-EUR/INR (refer the linked idea) that Wave C in 1H chart was over and hence the flat correction in 1D chart was complete. However the trading plan had prevented us from taking short entry as the price action didn't break below 86.8936 yet. Now I believe that the wave C in 1H chart is over with...
Targets predicted in idea titled "Update 5-EUR/INR" (linked as related ideas) are achieved. Wave C in 1H chart is over which completes a flat correction in 1D chart. 1H chart showing internals of Wave C and its 5 wave completion 1D chart showing the recent flat correction And what's next- 1H chart below shows that the momentum of "recent wave" to the...
I have entered long on 08/10/2021 10:02 in contrary to the idea "Update 4-EUR/INR". Here I shall explain the reason for entering the trade and what is expected next. Firstly the reason for taking long trade in contrary to the idea "Update 4-EUR/INR" is explained below: Black bold box indicates the price band and period equivalent to wave C of wave Z and the...
Formation of Wave Z was confirmed by price action with its break below the wave X on 27/09/2021 13:30 as expected and shared in Update 3-EUR/INR (view linked idea), however Wave Z was not an ending diagonal nor a triangle as expected in Update 3-EUR/INR but it was a flat. In the above chart, Wave W, Y and Z form the motive waves and wave X(s) form correction...
As expected in Update 2-EUR/INR , Wave X was formed and it has not resolved itself to a regular flat. The C wave of flat in this Wave X was retraced more than 78% which validates completion of wave C and thereby completion of Wave X. In addition this Wave X had not retraced more than 68% of previous wave Y, hence this is a correction to Wave Y and not to the...
As expected on 16/09/2021, wave X (in blue box) was formed and failed to have upward momentum. Wave X was followed by a zigzag the downside (now labelled Y in red). Wave which was labelled as Y on 16/09/2021 had resolved it self as wave W. This WXY wave formation together formed a double zigzag and finally forming the major wave Y. Refer the idea Update...
I have planned to start a series of regular updates for EURINR and hence started to label the ideas in a serially. This idea is starts the series as Update 1-EUR/INR. Now lets get into the subject. Refer the linked idea on how momentum helps in identifying waves. This chart shows how the momentum had its critical role in identification of waves. Red boxes are...
I am writing this idea to document my learnings in wave analysis. Your thoughts and comments on this document are welcomed for discussion. Identification of waves and wave patterns is critical in wave analysis. I have seen that MOMENTUM is a key indicator in wave analysis. There are four main concepts I use in my analysis: 1. Trend – It is defined as the...