ridethepig
Long

A +30% Macro Swing For USDTRY !!

FOREXCOM:USDTRY   U.S. Dollar / Turkish Lira
As widely expected since last year USDTRY storming higher with TRY cratering. The relentless 6.78 and 7.8 targets are in play again, meaning those who are bearish can continue to twist the knife causing maximum pain to the Lira.


Here we are not discussing pips, rather we are talking about a 30% move in a currency. A macro swing which has been very simple to follow since last December with a lot of meat left on the bone.

Disaster is cooking in Turkey...Best of luck all those in EM FX

Comment: Turkish local banks intervening to stop the Lira bleeding... they will run out of ammunition soon and price will escape the highs
Trade closed: target reached: 🎊🎊🎊🎊🎊

Comments

Surprisingly muted reaction so far in TRY
Considering what is going on it is clear local Turkish banks are doing everything they can to stop the bleeding
Most are aggressively selling $ at market to prevent the breakup... I have seen some orders at the dealing desk of $50M and $100M sizes
Mark my words...They will run out of ammunition very soon...When powder turns dry $TRY will escape to the highs and test 7.80
+1 Reply
bidsitlov ridethepig
@ridethepig, Exactement!
Reply
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