From trading perspective the first and foremost thing to identify is a trending move. We have seen sharp rise in equity markets over past few days but it has now arrived at crucial juncture. On contrary, currency pairs like EURINR, GBPINR, JPYINR have shown a very sharp positive reversal after a long time. Is it just starting a trend?
The best strategy a trader should adopt is to be open to trade anything that provides good setup. With the help of Elliott wave we can gauge the maturity of trend and one should enter into it when the trend is just starting to make the most out of the move. If prices look to be in matured stages of up move it is prudent to leave that asset and identify other assets where the trending move is in nascent stages.
Look at the below charts of currency picked up from “The Forex waves update” and see yourself a trend in nascent stage. It is time to jump the ship!
EURINR 60 mins chart:
GBPINR 60 mins Chart:
Look at the above two charts of EURINR and GBPINR that showed strong impulsive rise. Also prices are breaking above the multi-year resistance levels. These levels were protected in entire of 2017 and we are just breaking it on upside. The daily charts are shown in our Forex research report which is published on alternate days.
I strongly believe it is time to switch the asset class you are trading. Equity has shown a strong run up and is now maturing with increase in volatility and on other side currency is probably just starting a strong trend.
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