A great opportunity to buy in Turkish Lira. keep your eye on it.Midterm forecast:
5.0000 is a major support, while this level is not broken, the Midterm wave will be uptrend.
We will close our open trades, if the Midterm level 5.0000 is broken.
Trading suggestion:
There is a possibility of temporary retracement to suggested support zone (5.9300 to 5.6450). if so, traders can set orders based on Price Action and expect to reach short-term targets.
Beginning of entry zone (5.9300)
Ending of entry zone (5.6450)
Entry signal:
Signal to enter the market occurs when the price comes to " Buy zone " then forms one of the reversal patterns, whether " Bullish Engulfing ", " Hammer " or " Valley " in other words,
NO entry signal when the price comes to the zone BUT after any of reversal patterns is formed in the zone.
To learn more about " Entry signal " and the special version of our " Price Action " strategy FOLLOW our lessons :
Technical analysis:
While the RSI uptrend #1 is not broken, bullish wave in price would continue.
Price is above WEMA21, if price drops more, this line can act as dynamic support against more losses.
Relative strength index (RSI) is 88.
Take Profits:
TP1= @ 6.0000
TP2= @ 6.2100
TP3= @ 6.5600
TP4= @ 7.0000
TP5= @ 7.1200
TP6= Free
Previous Trade Setup:
We opened 4 BUY trade(s) @ 4.7302 based on 'Trough (Valley)' entry method at 2018.07.09.
Total Profit: 22017 pip
Closed trade(s): 5354 pip Profit
Open trade(s): 16663 pip Profit
Closed Profit:
TP1 @ 4.8035 touched at 2018.07.11 with 733 pip Profit.
TP2 @ 4.9225 touched at 2018.07.12 with 1923 pip Profit.
TP3 @ 5.0000 touched at 2018.08.01 with 2698 pip Profit.
733 + 1923 + 2698 = 5354 pip
Open Profit:
Profit for one trade is 6.3965(current price) - 4.7302(open price) = 16663 pip
1 trade(s) still open, therefore total profit for open trade(s) is 16663 x 1 = 16663 pip
