Friday, April 12, 2013

USDINR - Technical Update

  1. Nothing new here, almost everyone interested in USDINR know that prices are into a coiling pattern.
  2. Its a matter of time before we get a resolution.
  3. One point to note though, since this has been a prolonged correction, the resolution may seem to take forever, and may include many futile attempts by eager traders to catch the much anticipated breakout or breakdown.
  4. My suggestion is its okay to let go of first few points, because there would be a long way to go.
  5. One cautionary note though, since we have traveled so close to the apex, there is a chance that the much awaited BO / BD may fizzle out. 
  6. So, since the anticipation is so high, patience is the key to successfully trading this pattern.

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