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| 4 Hourly Chart |
We have been discussing about the flag pattern in wave {2} on USDINR in our previous update,
the said pattern did test our patience, but finally today the fag has
staged a breakout. Now on the chart above our preferred count suggests
that we may rise in wave (c) of [b]. In that case we may test the levels
around 56.75. But for that we have to take out first the crucial
resistance around 55.97 levels. As soon as we take that out we may see
56.75 on USDINR. I am keeping the SL for the buy trade on BO from the flag at 55.40. So you have a risk of 0.43 against a reward of 0.92, so the reward to risk ratio comes at 2:1, which is not bad.
Note:
There are many possibilities at play, I have a tendency to play the
most conservative scenario, to keep expectations realistic, and
volatility of my trading portfolio minimum.
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