I think the Lira rally is over, TUR appears to have broken the trendline. Keep in mind that this is not currency hedged, so you're basically betting against the Lira currency.
I'm always looking for things to short since I can't get bullish on this market. I expect the US market to bounce later this week, but that won't help the Lira.
I'm always looking for things to short since I can't get bullish on this market. I expect the US market to bounce later this week, but that won't help the Lira.
Trade closed manually:
Closed this position today to focus on US equities. Pattern is still valid though, and the Lira will tank if the Feds go through with the rate increase.
Trade active:
When in doubt, short garbage. BIST and Lyra both appear to be in trouble, taking a small put position here. A little of Jan and Feb puts.
The reason why TUR didn't form a pennant is because it isn't currency hedged and the Lira bounced. Funny how the combination (market & currency) looks like a bear flag.