Hello everyone,
Nearly 98% of the traders are still thinking USDTRY will rise again. Of course it will rise in sometime. But is it logical to go long at any level? Will the increase in FX rate be more than the 25% interest rates?
Exactly no. There is nothing that can cause a sharp 25% increase in USDTRY rate in near time. But anyway before it rises, we should consider where we are and where are we going.
You can see 3 channels on the chart. First one is the red one wihch comes from the peak of the pair. It is working perfectly since August, and never has been broken.
2nd one green channel is the mid-term uptrend, that comes from 3.70's, and we can clearly confirm that, that channel has already broken down.
So now 3rd yellow channel is on the table. It shows us the long term uptrend, coming from the past. Bottom channel of this trend is at 5.05. I think we will see this levels until the end of 2018. Afterwards, we will be looking to pullbacks and watch the pair, to see which channel is it entering to.
I don't have any analysis under 5.05, because it needs a very different scenerio at Turkish economy.
Now the best trade idea is going short at each increase, with a SL of 5.44 level.
Nearly 98% of the traders are still thinking USDTRY will rise again. Of course it will rise in sometime. But is it logical to go long at any level? Will the increase in FX rate be more than the 25% interest rates?
Exactly no. There is nothing that can cause a sharp 25% increase in USDTRY rate in near time. But anyway before it rises, we should consider where we are and where are we going.
You can see 3 channels on the chart. First one is the red one wihch comes from the peak of the pair. It is working perfectly since August, and never has been broken.
2nd one green channel is the mid-term uptrend, that comes from 3.70's, and we can clearly confirm that, that channel has already broken down.
So now 3rd yellow channel is on the table. It shows us the long term uptrend, coming from the past. Bottom channel of this trend is at 5.05. I think we will see this levels until the end of 2018. Afterwards, we will be looking to pullbacks and watch the pair, to see which channel is it entering to.
I don't have any analysis under 5.05, because it needs a very different scenerio at Turkish economy.
Now the best trade idea is going short at each increase, with a SL of 5.44 level.
Trade active:
are you enjoying the trade? don't think about to close it. i am adding more shorts and new target is 4.79.