USDTRY: Downtrend continuation

FX:USDTRY   U.S. Dollar / Turkish Lira
895 6 28
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
Comment: Nice daily candle today.
Comment: We can place a scale in after the daily close.
Trade active
Comment: Beautiful.
Comment: Monitor price action, downtrend might fail signaling a long trade.
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.
any updates?
i think we are in the triangle
Might be the case. I think down is more probable.
Excellent TAM analysis Tks...
+1 Reply
IvanLabrie Timing is key
Feel free to post your own outlook if you have one mate.
Timing is key IvanLabrie
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
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