Turkish Lira: Equilibrium On The Weekly Chart!

OANDA:USDTRY   U.S. Dollar / Turkish Lira
Hello dear Turkish Lira traders & watchers, merhaba arkadaslar!

Let's have a look at our last analysis:

=> We clearly didn't see any follow through on the potential Double Bottom , we broke the lows to the downside.

Now what?

As I had written and shown to you in the last analysis already, we now have a high potential for an Equilibrium on the Weekly chart:

=> The core range of this EQ goes from 6 to 5.15: we will further tighten inside this range, before we see a breakout coming. The potential colors refer to potential strength by the bulls or bears. This could still take many weeks to come into the end of 2019.

What is going on fundamentally?

Even though the AKP lost the re-election in Istanbul, any policy or personell changes are not in sight. Previous important AKP members are getting more & more frustrated with Erdogans rule, albeit still behind closed doors. Because of the power loss, the government has further limited the mayoral power in cities, so now for big projects, the major needs the consent of the president too. This shows clearly that Erdogan is basically ignoring the outcome, giving the decision making competence & the jurisdiction to himself immediately.

Therefore, fundamentally, it is hard to imagine to see a break out of the EQ to the bottom side, but as I said, there is still much time until then.

Selamlar, Deniz from Edgy

Can you read the chart yourself, or are you still dependent on other people like myself to read it for you? Do you have a trading plan with sheets, or are you trading from your head? Are you already making gains over the long-term, like a casino, or are you losing over the long-term, because you have no idea what your strategy is? => Those are all important questions, where are I can help you with. I wish you a good trading! :)

Edgy is providing online mentorship & trading metrics only. We are not a financial advisor, nor do we hold any formal qualifications in this area. You're trading at your own risk. No matter what you do, please set your stop loss. Please be aware, that you can lose all your money on the online exchanges.


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