My USDINR commentary

bunny

Well-Known Member
#21
Today's range is expected to be narrower than yesterday range. I expect the price to price to first go up, and then settle down so that we may have a near flat closing! 59.9300 is the expected high price for the day. We may open close to it and then again come to it later in the session.

The overall view is bearish, but today's day is expected to make a small up move.
 

bunny

Well-Known Member
#22
I feel that today could be a trap day. The price would first go up, leading us to believe that there is strength, and then suddenly come down, causing entrapment of traders into long positions. So it may even trigger stops of people who are sitting, may be sitting correctly, on short positions.
 

bunny

Well-Known Member
#23
Yesterday's price action was not exactly as per my wish, hope and expectations. The price did not come down to close. So, we are in a trading range or a direction-less market.

Current price is 61. 4150. The price is trading near a resistance(previous top) established in the few weeks. We could have a trade setting up soon.

Since the price is trading near a resistance, one must exercise statutory caution and not have any position, especially long position. The market could give a fake-breakout and either plummet by end of the day or make a sharp down turn tomorrow. So no trade setting up yet as per my system.
 

bunny

Well-Known Member
#24
Yesterday's price action was somewhat in line with my wishes, hope and expectations. We are still in a trading range or a direction-less market. We won't have any trade setting up until the price starts either going up and holds above yesterdays price action, or breaks down below the bottom of the trading range. Again, a breakout or breakdown could be 'fake' only to entrap traders into poor positions or trigger stops of people who are actually correctly positioned. So, no trade setting up yet.
 

bunny

Well-Known Member
#25
Going by the charts, we have a sign of weakness. However, nothing is confirmed yet. If we close lower than yesterday(down day), we could have a a confirmed sign of weakness. But that does not mean that the market is ready for an immediate down leg. We will have to watch closely.
 

bunny

Well-Known Member
#26
I think the ongoing up-move of today is a trap to entice traders into poor or losing long positions. As of now, there is no signal to take a trade at the moment, either long or short, as per my system. But weakness is seen coming onto the charts. We are in a trading range. So we should wait till breakout happens than taking a trade hastily in hope of breakout. Even if price breaks above the resistance, it would not be an immediate buy as per my system. Summarily, beware of trap being set at the top, and there is no trade signal at the moment.
 

bunny

Well-Known Member
#27
There is some problem with my data feeds today. So no charts could be made. Therefore no commentary for today.
 

bunny

Well-Known Member
#28
The price action of yesterday and today is interesting. It seemed liked the price is breaking out to the upside but eventually plummeted to close without much change. So, we are still trading near the upper zone of a trading range. There is no clear uptrend, or resumption of uptrend yet. We could see few(one or two) consecutive down days before any uptrend is to begin, if at all. No signal to take any trade as per my system.
 

bunny

Well-Known Member
#30
Today's price action is interesting. The USDINR pair has made a a new highest high and new highest closing price. But it has closed lower than the previous highest high. Whether this is a maneuver to trap poor traders at the top or whether this is a genuine breakout in-making can be confirmed only in the few sessions to come. In my opinion, this should not be called as a breakout because the price has not closed above the previous highest high. There is no trade signal on the daily charts yet. Will have to wait so that we do not get trapped in a losing long position at the top.
 

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