The GBPINR cross may have established a base around 100 and seems set to move higher. A small star pattern followed by a bullish candle (similar to a morning star pattern) indicates that higher prices lie ahead. The zig-zag price movements are in harmonic ratios. This is shown in the chart below. If the cross-rates sustains above 101.82 for an hour, traders may consider going long for an initial target of 103.8 and then 106.3. Use 100.8 at a daily closing level as stop.
GBPINR Daily Charts with Harmonic pattern
Legal Disclaimer: This post gives an idea of how a trader chooses low risk entry points for trading and hence what you see in this post is for educational purpose only. This is no solicitation to buy, sell or hold any securities. I’m not a registered investment advisor and I strongly urge you to consult one if you are going to act on the above idea. If you decide to take action on the above idea, you are agreeing that you take full responsibility for the profit or loss that you may sustain based on such decisions and agreeing to indemnify the author of the same. You may have seen me on TV suggesting successful trade ideas but remember trading is inherently risky and past performance is no guarantee of future outcome.
Note: This was a premium post and has now been unlocked. Trade did not trigger as it did not sustain above 101.82 for an hour.
Sorry, the comment form is closed at this time.