Does not look like 5th of Vth. Looks like vth of 3rd of IIIrd. If we count in isolation from 51.365, It may be nearing end of 3rd of 3rd. But its rise beyond 61.18 has definitely announced an impulsive possibility.
So what you are saying it has some more upside left to complete the 3rd wave. What do you think the target for the 3rd wave would be? Please let me know.
Thanks for your valuable inputs. So if i understand correctly.. USDINR will touch 61.05 and corrects to T1 and T2 and move up for target T3. Please correct me i i'm wrong.
Thanks again Falcon for your time in helping others.
No. T1 and T2 were targets for this impulse, which are already done. Price wise, this rise is almost done, if this is the count it is following. If so, T3 should not be surpassed at all. If it does, the count becomes invalid. My trade setup will be based on assumption that this rise will be completed above the last high it made. And I will be looking for a shorting opportunity as close to 61.05 as possible (coz at 61.06, 5th fractal will also be extended, which is not expected). Once in position, I will have a SL of 61.18, which will be changed based on how the move shapes up.
When, it reaches close to 61 covering positions may be taken in 58 PEs. Half could be sq off when it reaches close to 58 and long should be initiated, with a cover of remaining half.
That is how I would go about as long as 61.18 is intact. If 61.18 goes, a re-assessment is called for.
Forgot to tell you.. i made a mistake today. I already shorted today at 60.48 and stuck. Lets see how it pans out tomorrow. If it corrects , i'll cover my shorts first and wait for the targets you mentioned.
60.48 is fine. I do not know the instrument used by you. However, you may keep a TSL on this one. As it may dip a little before it resumes the uptrend. And who knows, if the up move is already done with? I suggest you start the day with a TSL of 60.76 and see how it pans out. If it closes onto 60 tighten the SL. Rest is on your trading style and risk appetite. All the best.
From todays movement, looks like 5 of Wave V is in progress. What do you say Falcon.
ReplyDeleteDoes not look like 5th of Vth. Looks like vth of 3rd of IIIrd. If we count in isolation from 51.365, It may be nearing end of 3rd of 3rd. But its rise beyond 61.18 has definitely announced an impulsive possibility.
ReplyDeleteSo what you are saying it has some more upside left to complete the 3rd wave. What do you think the target for the 3rd wave would be? Please let me know.
ReplyDeletePresently I am contemplating on these counts...
ReplyDelete1 52.89 - 55.14 = -2.25
2 55.14 - 53.64 = 1.5 -66.66666667
3 53.64 - 58.98 = -5.34 237.3333333
4 58.98 - 57.41 = 1.57 -29.40074906
5 57.41 - 61.05 = -3.64 161.7777778
T1= 59.73638 , T2= 59.66 , T3= 61.17362
In the previous comment, the number may be corrected to 60.18 for 61.18.
ReplyDeleteThanks for your valuable inputs. So if i understand correctly.. USDINR will touch 61.05 and corrects to T1 and T2 and move up for target T3. Please correct me i i'm wrong.
ReplyDeleteThanks again Falcon for your time in helping others.
Regards, Srinath
No. T1 and T2 were targets for this impulse, which are already done. Price wise, this rise is almost done, if this is the count it is following. If so, T3 should not be surpassed at all. If it does, the count becomes invalid. My trade setup will be based on assumption that this rise will be completed above the last high it made. And I will be looking for a shorting opportunity as close to 61.05 as possible (coz at 61.06, 5th fractal will also be extended, which is not expected). Once in position, I will have a SL of 61.18, which will be changed based on how the move shapes up.
ReplyDeleteWhen, it reaches close to 61 covering positions may be taken in 58 PEs. Half could be sq off when it reaches close to 58 and long should be initiated, with a cover of remaining half.
That is how I would go about as long as 61.18 is intact. If 61.18 goes, a re-assessment is called for.
Thank you Sir. I was little confused and now i'm clear on your trading strategy. Great job in fact.
ReplyDeleteForgot to tell you.. i made a mistake today. I already shorted today at 60.48 and stuck. Lets see how it pans out tomorrow. If it corrects , i'll cover my shorts first and wait for the targets you mentioned.
ReplyDelete60.48 is fine. I do not know the instrument used by you. However, you may keep a TSL on this one. As it may dip a little before it resumes the uptrend. And who knows, if the up move is already done with? I suggest you start the day with a TSL of 60.76 and see how it pans out. If it closes onto 60 tighten the SL. Rest is on your trading style and risk appetite. All the best.
ReplyDelete