USDTRY, A Rampaging Bull In Need of A Breather

USDTRY has been on a tear with all the issues in Turkey and the Eurozone. But it looks as though it is going to take a breather at these levels before resuming its uptrend. Going short on a very extended move up north in the past few days. Generous stop level accompanied by a very much scaled down position size. Let's see how this trade pans out.

Comment:

Hit a low of 3.30899 and holding above the green trendline. Looking for a push through the trendline for a trendline break to have any hope of tp1 and tp2 being hit. May just close this at breakeven if the bounce off the trendline becomes another upleg that takes it above recent highs. In any case, I can't monitor this closely as I have a day job. Let's hope the trade goes my way as planned.

Comment:

This trade is closed at a loss on my live trading account as I hadn't had time to revise the stop loss on it. In any case, the short position was a counter trend trade. The bounce off the trendline was a clue on the strength of this move. USDTRY looks set for a blow-off in the days to come. With USD strength so unbearably strong, one wonders what will happen to the Euro and Emerging Markets. A side note, my take profit 1 should have been on my trendline instead of the natural support at 3.29 area.

Trade closed: stop reached