Learn how to Trade the Indian Currency Market USDINR chart?
– Today’s Pattern is bearish engulfing
– How to predict it is easy
DefinitionThis pattern is characterized by a large black body engulfing a preceding smaller white body, which appears during an uptrend. The black body does not necessarily engulf the shadows of the white body but totally engulfs the body itself. This is an important top reversal signal.Recognition Criteria1. The market is characterized by a prevailing uptrend.
2. A white body is formed observed on the first day.
3. The black body that is formed on the second day completely engulfs the white body of the preceding day.
For Yesterdays Indian currency market if you see the pair USDINR, you can easily recognize the pattern is bearish engulfing & also it is formed at resistance level i.e. 57.00. So if you really want to trade this kind of charts use the following figure to make out how to set the Entry & Target points on the chart. Click on the below Image to Understand the pattern in details.
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