USDTRY: Downtrend continuation

FX:USDTRY   U.S. Dollar/Turkish New Lira
892 6 27
a year ago
Time at mode gives me a strong downtrend signal for this pair on the daily.
The elections caused price to take a massive dive, after which we had a good long trade setup, which I posted here and hit targets, although it took a long time to arrive to it.

Now, I think it's pretty clear that the pair will resume its downward trayectory towards a potential retest of the 6m uptrend's mode at 1.51399.
For the time being, aim to capture the path that the daily trend signal's offering, and if short, trail stops using the 10 period MA on chart. If you didn't enter yet, you can short at the open with a stop above the blue line, which gives you a 3.8:1 trade already.

Good luck,

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Ivan Labrie
a year ago
Comment: Nice daily candle today.
a year ago
Comment: We can place a scale in after the daily close.
a year ago
Trade active
a year ago
Comment: Beautiful.
a year ago
Comment: Monitor price action, downtrend might fail signaling a long trade.
a year ago
Comment: Fundamentals changed, it's possible to see uptrend continuation. We have a clear W bottom, and a failed downtrend signal, since price crossed back above 2.89821. No trade is safe right now, we'd need to study it more closely, perhaps wait for the Fed meeting on the 30th.
Timing is key
a year ago
Excellent TAM analysis Tks...
+1 Reply
IvanLabrie PRO Timing is key
a year ago
Feel free to post your own outlook if you have one mate.
Timing is key IvanLabrie
a year ago
Not this pair but I have one lining up for a possible trend change atm on the USDJPY will post under your other chart.....Targets like you said are difficult to the downside due to the parabolic move worth a shot with a tight stop.
+1 Reply
a year ago
i think we are in the triangle
IvanLabrie PRO aman...
a year ago
Might be the case. I think down is more probable.
a year ago
any updates?
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