Somnath Das
Independent Analyst
Urgent Pair JPY/INR – 12Hour Chart:
1. Downtrend JPY/INR Open- 65.02, Target - 61.29, Resistance- 67.29
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Ultra Specific Ceteris Paribus Strategy:
“Without strategy and execution, a great idea will remain just a good idea.”- Dominic
By keeping in mind the projected target price constant trade frequently 3- 4 times a day. Maintain proper margin for carry forward. Trader should maintain back up to 600 points (approx) if opposite scenario happen. Hold the open positions overnight in case of verified short term trend for maximum profit.
Always maintain a portfolio of 3 out of 4 pairs and distribute total trading volume among them.
Trading process is based on ZIGZAG Analysis and combining with ADX. First, predicting buy/sell any type (limit/stop) intra day. Second, identifying any type of hourly candlestick pattern formation, it is suggested to enter 1st position (buy/sell) at any level between the average of daily entry and sl/tp price.
Third, try to book initial quick profit to verify predictions validity. This process can be repeated twice or thrice in sidewise market. Also distribution of positions by averaging method will be helpful. This way we can maximize intra day profit, provided that the daily market direction is verified and holds true.
Fourth, on the fundamental side we will check the price action more during the news in economic calendar on CPI (Consumer Price Index) data of EUROPE, UK, USA, JAPAN and INDIA. Trade deficit data is important to follow for more volatility.
Useful Market Direction | Trading Levels:
2. Downtrend USD/INR Open- 71.45, Target - 69.85, Resistance- 73.85
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3. Uptrend GBP/INR Open- 92.20, Target - 94.25, Support- 90.29
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4. Uptrend EUR/INR Open- 80.81, Target - 84.29, Support- 77.92
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