here we have a candidate which I have flagged for my watchlist. This is not a trade I am taking, just an interesting chart!
We have: - a key weekly level reached - quite some time without a proper retracement - and highly overvalued RSI - a bit of price action forming at this key level - shorter then average previous candles (only) indicating (!) momentum loss What I am waiting for? - more confirmation in form of price action at this key level - theoretically I would TEND to assume that price will see at least a 23% fib retracement
Apparently I do not know enough about the macro-economic situation regarding turkey. If anyone knows and sees this, feel free to comment.
All the best, c4ss10p314
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still building up price action on upper weekly line. Set up remains in tact.
Trade active
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Same as last update, still price action building up.
Turkey's economy contrary to the data released nearly 2 years in poor condition. In reality, a recession prevails and the economy, which is already in difficult conditions due to the epidemic, has completely stopped.
c4ss10p314
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@Zenpara, thank you very much. I've also looked into it.