Bear Trap in USDINR
Last day bear trap is formed in USDINR, it simply means that it will be bullish for coming few days and can go up to at least high of double top i.e.,83.10 (might break that also).
Let us decode the sentiments during this candle formation,
On 26th when this big bearish candle gives closing below last swing low, people would have shorted it taking double top in consideration (putting SL above that breakout candle), now after last day big bullish candle there will be some fear among people having short position as it moved close to their SL. Once it move above 26th bearish candle a small rally on upside may come as the SL of all the short position will get hit.
Let us decode the sentiments during this candle formation,
On 26th when this big bearish candle gives closing below last swing low, people would have shorted it taking double top in consideration (putting SL above that breakout candle), now after last day big bullish candle there will be some fear among people having short position as it moved close to their SL. Once it move above 26th bearish candle a small rally on upside may come as the SL of all the short position will get hit.
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