EURTRY Bull Flag

FX:EURTRY   Euro / Turkish Lira
Looks like a very decent and stable bull flag here, so it is worth the risk. I am going to get in with half a size here and increase it to a normal size if we get a break out.
Comment: We had a good break up after i posted the analysis and at the moment it looks like a retest of former resistance. On the left we can see a potential inverse H&S, but it is clear to see that neckline is very big resistance zone. So bulls need to hold on to their momentum the next 24 hours or so. Otherwise it will probably fail. if we do see a strong move, i will close half the position at the original target and i will probably keep the rest for the target of the inverse H&S which is much higher. It will all depend on the conviction of the move up.

That is why i have moved the stop higher, close to the entry level to keep the risk at a very low point.

Comment: It looked very good at the start, now it seems like it has been turned into a bigger bear flag. It's at least a range now. The stop is still close to the entry level. So still having a decent chance but if it fails almost a BE trade.

Comment: Crap, i said bear flag, i mean bull flag :)
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I Dont understand its bear flag why we open long position here?
@emrelg, Its of course a bull flag, my bad :)
emrelg botje11
@botje11, yeap it seems btw turkey central bank stay at this interest rate its support the bull flag thank you david my beautiful country economy is gonna worst :(
@emrelg, Sorry to hear that for you. Maybe try to hedge yourself against it. So you at least don't loose
emrelg botje11
@botje11, Yeap Im in dollar fully . david its personal question what is your guess for usd/try december 26? can you check my trade idea and correct me please, thank you for your help
emrelg emrelg
@emrelg, comment me please
Whats happening with Turkey?
Is it foi-me up?
Great job!!
+1 Reply
botje11 Gerrit2500
@Gerrit2500, Thank you :)
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