CoryMitchell-CMT

Watch for downside consolidation breakout in EURTRY and USDTRY

Short
OANDA:EURTRY   Euro / Turkish Lira
There is a potential to trade a downside breakout of the consolidation (lira continues to increase) into wedge /triangle support.

The price target is the rising trendline on both the USD/TRY (near 5.75) and EUR/TRY (just above 6.4). A stop loss goes above the consolidation.

The reward:risk is 1.25:1 to 1.5:1, but over a week or two the rollover would add to the potential profit.

The Turkish lira interest rate is 11.25%. The US rate is 1.75% and the EUR rate is 0%. The short trade picks up the interest rate differential. A long trade pays the interest rate differential. I am not interested in the long, only the short, if it materializes.
Cory Mitchell, CMT
Stock and forex trading insights at https://tradethatswing.com/

Comments

hi, any update please?
Reply
@kan13, There is no trade. Was waiting for a downside breakout, that didn't happen, so no trade.
Reply
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