Update 11-EUR/INR
Option 4 (chart 4) in Update 10-EUR/INR was misinterpreted or I missed to notice the trade opportunity in this chart. However a lesson learnt without any loss.
But finally the price action in "wave B or 2" resolved into a C elongated ascending triangle. Now Wace "C or 3" is in progress. Refer Chart 1 below for details:
Chart 1:
Now my duty is
1. To spot wave 4 correction to trade wave 5
or
2. Spot a reversal or trend change.
However, the trade setup mentioned in linked idea Update 9-EUR/INR had worked out and target had hit.
I missed the trade and hence now I stay neutral until I spot either correction or reversal. Never the less a lesson learnt to spot / predict the variants of triangles (refer linked idea for variants in triangle).
Keep watching this space for further updates on trading and managing the trade.
To understand the concepts behind my analysis please checkout the linked idea. Happy trading :)
But finally the price action in "wave B or 2" resolved into a C elongated ascending triangle. Now Wace "C or 3" is in progress. Refer Chart 1 below for details:
Chart 1:
Now my duty is
1. To spot wave 4 correction to trade wave 5
or
2. Spot a reversal or trend change.
However, the trade setup mentioned in linked idea Update 9-EUR/INR had worked out and target had hit.
I missed the trade and hence now I stay neutral until I spot either correction or reversal. Never the less a lesson learnt to spot / predict the variants of triangles (refer linked idea for variants in triangle).
Keep watching this space for further updates on trading and managing the trade.
To understand the concepts behind my analysis please checkout the linked idea. Happy trading :)
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