No. I am no expert in currency market. INR in the title represents
Inside bar Narrow Range & and 4 represents past 4 sessions including when the Inside bar occured. The Inside bar is a common pattern and a favorite of the day & swing traders.
Here is how to identify it. Using BAR CHARTS as opposed to Candlestick and plotting the ATR (Average True Range) with a small adjustment.
ATR shows default of 14 sessions, change this to 1, what this does is considers only the data within 1 trading session. On a daily chart - it represents 1 day and on an hourly chart it represents 1 hour.
When ATR shows a very low reading, we are likely to find a potential INR and now if we compare the Narrow Range bar to the previous 4 sessions and the current session has the lowest range, we have the power INR 4.
Currently we have an INR on the daily chart and INR4 on the hourly chart of nifty. If the INR4 on the hourly builds strength and takes out the INR on the daily chart, irrespective of the direction of the waves, we have a gr8 trading opportunity to the long side.
How to trade the INR or the INR4
But when the high of the range is taken out with a SL at the low of the range.
Happy Dussehra and goold luck
Inside bar Narrow Range & and 4 represents past 4 sessions including when the Inside bar occured. The Inside bar is a common pattern and a favorite of the day & swing traders.
Here is how to identify it. Using BAR CHARTS as opposed to Candlestick and plotting the ATR (Average True Range) with a small adjustment.
ATR shows default of 14 sessions, change this to 1, what this does is considers only the data within 1 trading session. On a daily chart - it represents 1 day and on an hourly chart it represents 1 hour.
When ATR shows a very low reading, we are likely to find a potential INR and now if we compare the Narrow Range bar to the previous 4 sessions and the current session has the lowest range, we have the power INR 4.
Currently we have an INR on the daily chart and INR4 on the hourly chart of nifty. If the INR4 on the hourly builds strength and takes out the INR on the daily chart, irrespective of the direction of the waves, we have a gr8 trading opportunity to the long side.
How to trade the INR or the INR4
But when the high of the range is taken out with a SL at the low of the range.
Happy Dussehra and goold luck
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