THIS USDTRY SETUP IS AN OVERLAPPING TREND LINE AND 200 EMA TRADE. SINCE TRY ,HAS A INCREASED VOLATILITY ESPECIALLY WHEN POLITICAL UNCERTAINTY RISES , IS AN ADVANCE CURRENCY TO PLAY WITH. SO, I AM GOING HERE WITH ZONE ESPECIALLY FOR THE ENTRY AND THE STOP. YOU CAN PICK YOUR EXACT ENTRY REGARDING TO YOUR RISK LEVEL. I AM A HUGE BELIEVER THAT THIS PAIR CAN GO ONLY UP IN THE LONG TERM IT IS HARD TO BENEFIT FROM THE SHORT TERM MOVEMENTS. THIS IS MY GAME PLAN FOR A SHORT TERM USD WEAKNESS.
1ST ENTRY- 5.5905 (TREND LINE SUPPORT&200 EMA) 1/2 POSITION
2ND ENTRY- 5.5505 (ROUND NUMBER LEVEL) 1/2 POSITION
STOP - 5.4995 ( BEFORE BIG 5.50 ROUND NUMBER )
PT: 5.7645 (PREVIOUS SUPPORT AREA)
PT: 5.6995 (PREVIOUS SUPPORT AREA)
M MANAGEMENT:
IF ONLY 1ST ENTRY FILLED ,I WON`T TOUCH UNTIL PT(5.7645)
IF BOTH ENTRY'S FILLED SCALE DOWN JUST BEFORE 5.70 LEVEL
1ST ENTRY- 5.5905 (TREND LINE SUPPORT&200 EMA) 1/2 POSITION
2ND ENTRY- 5.5505 (ROUND NUMBER LEVEL) 1/2 POSITION
STOP - 5.4995 ( BEFORE BIG 5.50 ROUND NUMBER )
PT: 5.7645 (PREVIOUS SUPPORT AREA)
PT: 5.6995 (PREVIOUS SUPPORT AREA)
M MANAGEMENT:
IF ONLY 1ST ENTRY FILLED ,I WON`T TOUCH UNTIL PT(5.7645)
IF BOTH ENTRY'S FILLED SCALE DOWN JUST BEFORE 5.70 LEVEL
Trade closed: target reached:
Since 1st target reached. Took half of the position out of the table. and ratchet entry to breakeven. Will be fired again if we visit same zone again.
aziz