Wednesday, May 22, 2013

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USDINR - Technical Update

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  1. Rising wedge in USDINR.
  2. Bullish in medium term, and bearish in long term.
  3. There are many alternate possibilities, but prices should test the A-C trendline, before anything else!
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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...

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13 comments:

  1. Vimz22 May 2013 at 16:36

    GOOD PERSPECTIVE.....IF IT ACTUALLY WORKS (WHICH LOOKS LIKELY), WILL BE A GREAT INDICATOR FOR THE EQUITY MARKET MOVEMENT AS WELL...

    ReplyDelete
    Replies
    1. Aniruddha Deshpande22 May 2013 at 20:48

      Thanks, I feel nifty has a downleg pending, before we move back up again, in the medium term.

      Delete
  2. Srinath Smurthy23 June 2013 at 11:20

    Sir, Your chart was not clear to me.. may to do with resolution of the attachment. Please correct me if i'm wrong. The trend line on top drawn is touching 64? Please help me understand.

    ReplyDelete
    Replies
    1. Aniruddha Deshpande23 June 2013 at 11:32

      If U click on the chart it should open into a clearer and bigger image. And the resistance of the upper trend line comes around 60. We have already touched 60 now further market action would clarify the big picture.

      Delete
  3. Srinath Smurthy23 June 2013 at 23:30

    Thank you for the clarification. I'm able to see the charts now.

    ReplyDelete
  4. Srinath Smurthy24 June 2013 at 21:23

    Hello, Mr Aniruddha, Just a question on the Elliott count. Are we done with Wave 5? or currently what's playing is wave 5? On the FIB extension we already touched 261% can we call it wave 5 is complete or extensions will still in play. Please help understand. I know you will be busy.. please reply in your free time.

    Thanks in advance for teaching us on this blog.

    ReplyDelete
  5. Srinath Smurthy26 June 2013 at 15:20

    From todays movement what's your prospective Mr Anirudh.? Some more room for upside? or end of WAVE 5? Please publish your views.

    ReplyDelete
    Replies
    1. Aniruddha Deshpande26 June 2013 at 15:30

      USDINR is in a strong trend, on almost all the fractals, the trend is unmistakable. Calling a wave 5 top is pretty similar to calling a bottom in a vicious bear market. We need a sharp cut in price to confirm a top, may be an EMA crossover to signal that the bias has shifted downwards. Till then it would not be economically prudent to expect a wave 5 top. Tops and bottoms are confirmed way after they are formed, on such large fractals, so I would suggest keeping patience is the best option right now.
      Also would like to add EWP is not a definitive science, it was an observation and offers a good rationale for market movements, combining it with other forms of TA will most likely give the required confidence to trade in markets.

      Delete
  6. Srinath Smurthy26 June 2013 at 16:29

    Thank you for your valuable inputs. Will wait for your write up on the blog.

    ReplyDelete
  7. Srinath Smurthy2 July 2013 at 08:30

    Mr Anirudha, Last two days correction in USDINR pair has given any signal for change in trend? Will it further go down. If i go by Fib levels it appears to me that wave 3 is complete and wave 4 in play ( may retrace by 38%) and wave 5 to start ( not sure when). Currently i'm holding long at 59.80 levels.Please correct me if my analysis is wrong. Hope it is safe to hold long position..if you think otherwise, please let me know.
    Regards, Srinath

    ReplyDelete
    Replies
    1. Aniruddha Deshpande2 July 2013 at 11:15

      http://tradeelliottwave.blogspot.in/2013/07/usdinr-elliott-wave-update.html

      Please refer this post for my view on USDINR.

      Delete
    2. Aniruddha Deshpande2 July 2013 at 11:17

      http://tradeelliottwave.blogspot.in/2013/07/usdinr-elliott-wave-update.html

      Please refer this post for my view on USDINR.

      Delete
  8. Srinath Smurthy3 July 2013 at 20:23

    Thank you for your help. I've sent request to subscribe to your ASR website. Please reply in your free time.

    Hats off to your knowledge. Just great!!

    Regards,
    Srinath

    ReplyDelete

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