My Dear Friends,
Great to see your interest in Forex trading in India I would like to continue with the trading lessons.
- You can see last week market was under consolidation. As there was important news market was waiting for.
- Finally US Federal finally announced it will start tapering its stimulus, removing a big uncertainty in the market. Also RBI does not change of their repo rate. Also most of the companies Q3 results are good. So it looks like USDINR pair will continue to stay in consolidation for this week.
- From the chat, on daily candlestick chart it shows rectangle formation around support and resistance level shown in below diagram.
- We will have to wait for break out of this small rectangle and then take entry for either Buy or Sell.
- Now it is going to be the holidays in US and UK till Jan first week.
- It looks like market will take some time for next move, after that most likely it will break bearish & can reach successfully till 61.00.
- If you want enter into trade then there is high probability of getting about 90% in 3-4 days.
- Let’s stay tuned and trade with stick stop loss (planned).
Wishing you all very best .. EnjoYYYY trading.