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 2022.
Chart 2
Trade setup:
Position : Short
Entry: Aggressive entry at 84.6 ro 84.65. Conservative entry upon break below 84.10
Entry period: 25 Jan 2022 - 26 Jan 2022
Stop loss: 84.80
Target: 83.6
Target period: 31 Jan 2022 to 03 Feb 2022 (subject to change based on end of correction)
Keep watching this space for further updates on trading and managing the trade.
To understand the concepts behind my analysis please checkout the linked idea. Happy trading :)
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 2022.
Chart 2
Trade setup:
Position : Short
Entry: Aggressive entry at 84.6 ro 84.65. Conservative entry upon break below 84.10
Entry period: 25 Jan 2022 - 26 Jan 2022
Stop loss: 84.80
Target: 83.6
Target period: 31 Jan 2022 to 03 Feb 2022 (subject to change based on end of correction)
Keep watching this space for further updates on trading and managing the trade.
To understand the concepts behind my analysis please checkout the linked idea. Happy trading :)
