USDINR Elliott Wave Analysis

by Dean Market Profile on Wednesday, August 01, 2012 in Currencies, Elliott Wave, USD INR

Daily Chart

This is the daily chart of USDINR, we might be falling in wave (c)of [4]. The target range of this wave [4], may reach the 54-52 range. The prices should follow the down sloping red channel, and should reach the lower boundary of the channel.

The detailed count can be seen on the hourly chart below. We may have completed a zigzag correction in wave (b), and now we are falling in wave (c) of [4]. This rise in INR against USD may result in a spurt in equity prices. For the time being though, we should not trade above the 55.90 levels on the USDINR, to keep this down move intact.

Hourly Chart

About Dean Market Profile
Dean is a fulltime trader for last 13 years. He is passionate about technical analysis. His instruments of choice are Nifty and banknifty futures and options. His main analysis and trading tools include advanced techniques like Market Profile, Voilume Spread Analysis and Order FLow Analysis. Dean is a teacher at heart and loves sharing his learnings with committed traders. You can check out his courses here...

No comments:

Post a Comment

...I am thrilled to learn what you think about this piece of content...

Disclaimer

REQUIRED US GOVERNMENT DISCLAIMER & CTFC RULE 4.41

Futures trading contains substantial risk and is not suitable for every investor. An investor could potentially lose all or more than the initial investment. Risk capital is money that can be lost without jeopardizing one's financial security or lifestyle. Only consider risk capital that should be used for trading and only those with sufficient risk capital should consider trading. Past performance is not necessarily indicative of future results. CTFC RULE 4.41 HYPOTHETICAL OR SIMULATED PERFORMANCE RESULTS HAVE CERTAIN LIMITATIONS. UNLIKE AN ACTUAL PERFORMANCE RECORD, SIMULATED RESULTS DO NOT REPRESENT ACTUAL TRADING. ALSO, SINCE THE TRADES HAVE NOT BEEN EXECUTED, THE RESULTS MAY HAVE UNDER-OR-OVER COMPENSATED FOR THE IMPACT, IF ANY, OF CERTAIN MARKET FACTORS SUCH AS LIQUIDITY. SIMULATED TRADING PROGRAMS, IN GENERAL, ARE ALSO SUBJECT TO THE FACT THAT THEY ARE DESIGNED WITH THE BENEFIT OF HINDSIGHT. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE PROFIT OR LOSSES SIMILAR TO THOSE SHOWN. All trades, patterns, charts, systems, etc., discussed in this website or advertisement are for illustrative purposes only and not construed as specific advisory recommendations. All ideas and materials presented herein are for information and educational purposes only. No system or trading methodology has ever been developed that can guarantee profits or prevent losses. The testimonials and examples used herein are exceptional results which do not apply to average people and are not intended to represent or guarantee that anyone will achieve the same or similar results. Trades placed on the reliance of Trend Methods systems are taken at your own risk for your own account. This is not an offer to buy or sell futures interests.

Wednesday, August 01, 2012

USDINR Elliott Wave Analysis

No comments:

Post a Comment

How can I help you?

Facebook

Popular

About Me

Blog Archive

Disclaimer

Recent Comments