USD/TRY Trade Idea - Low Risk/High Reward Set Up
This idea is for educational and demonstration purposes and does not constitute a signal. If you take this trade, you do so at your own risk. This is simply an idea and not a guarantee.
We have the following confluences:
1. Trendline as noted; price has tested this trendline on now the fourth occasion
2. Price is also sitting at a key fib level 61.8% from last swing points.
3. Price is currently sitting on key demand zone, and appears to be respecting this zone.
4. Descending channel; we can expect an outbreak to the upside. How far, we can only presume (hence the TP1 and TP2)
5. We show divergence on the H4
TP1: 275 pips
TP2: 525 pips
I suggest placing the stop loss around 40-50 pips beneath the trendline as noted. You want to allow more room because of this trade's usual price action, so you will not get stopped out. I suggest allowing the market to digest a little on market open on this Sunday and analyzing this again; We know this pair is known to open with gaps, so we have to adjust our trade ideas accordingly. This offers a low risk to great reward set up.
Please be sure to like and offer your comments. Also please follow me on Instagram and Facebook (links below). Please click the follow link below to follow this idea, and also be sure you turn on your notifications to get my trade ideas.
I am currently accepting new mentees to teach them how to trade the forex markets. You will do so with an exquisite educational platform. You will have mentors, coaches, and trading partners along the way and we share ideas and signals. Education is taught by professional traders. If you look at my trade idea history you will see that my trade ideas are very much accurate. I owe it to the education that I receive along with mentorship from top traders. Inbox me for more information and we can get you started today.
We have the following confluences:
1. Trendline as noted; price has tested this trendline on now the fourth occasion
2. Price is also sitting at a key fib level 61.8% from last swing points.
3. Price is currently sitting on key demand zone, and appears to be respecting this zone.
4. Descending channel; we can expect an outbreak to the upside. How far, we can only presume (hence the TP1 and TP2)
5. We show divergence on the H4
TP1: 275 pips
TP2: 525 pips
I suggest placing the stop loss around 40-50 pips beneath the trendline as noted. You want to allow more room because of this trade's usual price action, so you will not get stopped out. I suggest allowing the market to digest a little on market open on this Sunday and analyzing this again; We know this pair is known to open with gaps, so we have to adjust our trade ideas accordingly. This offers a low risk to great reward set up.
Please be sure to like and offer your comments. Also please follow me on Instagram and Facebook (links below). Please click the follow link below to follow this idea, and also be sure you turn on your notifications to get my trade ideas.
I am currently accepting new mentees to teach them how to trade the forex markets. You will do so with an exquisite educational platform. You will have mentors, coaches, and trading partners along the way and we share ideas and signals. Education is taught by professional traders. If you look at my trade idea history you will see that my trade ideas are very much accurate. I owe it to the education that I receive along with mentorship from top traders. Inbox me for more information and we can get you started today.