See linked idea below with commentary. We got trendline break and consolidation. Bulls appear to be exhausting; also based on bullish pennant forming I would expect to see further push to the downside; trade at your own risk and use proper risk management. This trade is for demonstration and educational purposes.
The pair is on a strong uptrend on 1D (RSI = 58.592, MACD = 0.072, Highs/Lows = 0.0000) forming the right side of the 1W cup formation. It appears that the uptrend targets the Lower Highs of the previous downtrend in the form of Resistance Levels. Based on this we are long with 6.38740 our next TP and 6.64497 the extension.
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Pattern: 1W Channel Up.
Signal: Bearish once the price makes a Higher High.
Target: Around -10% from where the Higher High is made.
*If 6.22990 breaks, close and wait for a new (quite possibly more aggressive) bullish pattern to trade.
We can get a long trade if the price close
above strong resistance channel at 5.8600
TP2 : 6.2000
stop lose : 5.7800
If the price breakdown upward channel
we can get short trade or wait for new
long trades from
5.64500 and 5.5100
with small stop lose
This is not an investment recommendation or any call to buy or sell
It is just an...
No one has a crystal ball for the Forex market, but what we do have to look at is history. Although past performance does not guarantee future results, when it comes to the Turkish Lira’s current situation, history shows some alarming parallels.
The patterns do repeat themselves -- and with good reason. The stock/ Forex market is governed by a set of two...
We have a nice swing trade op in this pair, go long at market, stop loss should be placed below the recent low.
I think the pair has room to rally back to resistance (see red line on chart). Linear regression and speed lines help us, along with oscillators and bar by bar analysis, as well as the use of RgMov, to determine the trend and where trend following or...
In 15 minutes is Central Bank meeting in the Republic of Turkey!
If the TCMB leaves the interest at 24% or possibly lowers it then threatens in my view, a rapid devaluation with new highs from the perspective of the USD / EUR or new lows from the perspective of Turkey.
I have prepared the following Trading plan.
If 5.9066 fall then new highs are very likely and I...
Here we are witnessing a very interesting move taking place for the Turkish financial system. After finishing a clear corrective ABC sequence since the August highs we are now in the early stages of an impulsive move to finish the more broader 5th wave in a very large sequence.
For those tracking the updates in USDTRY in the previous charts (see attached:...
After wild first half of august 2018, turkish lira halted it`s decline. But now it seems, that trend will re-establish itself and lira depreciation will continue. I will personally wait for a reasonable decline, before entering any positions.