USDTRY: long now, it can be a downtrend...but not sure 100% yet
We discuss how to find validation for the downtrend here.
We have a 4h uptrend signal, and a daily downtrend which has exceeded it's range target, but not hit it's high to mode target.
The range expansion bar gives us a way to gauge the strength of the downtrend, by projecting the range from its close down, and extending it in time by 3 bars.
If not hit in time, we get a consolidation, or reversal.
The 4h uptrend has two targets, one is the low to mode projection, and the other is the range target, using the bars that touch the mode or most frequent price.
If the range target is hit, the daily downtrend fails.
It's a good educational chart, and possibly a good trade opportunity.
Cheers,
Ivan Labrie
Time at Mode FX
Concord Bay Analyst
We have a 4h uptrend signal, and a daily downtrend which has exceeded it's range target, but not hit it's high to mode target.
The range expansion bar gives us a way to gauge the strength of the downtrend, by projecting the range from its close down, and extending it in time by 3 bars.
If not hit in time, we get a consolidation, or reversal.
The 4h uptrend has two targets, one is the low to mode projection, and the other is the range target, using the bars that touch the mode or most frequent price.
If the range target is hit, the daily downtrend fails.
It's a good educational chart, and possibly a good trade opportunity.
Cheers,
Ivan Labrie
Time at Mode FX
Concord Bay Analyst
Comment:
Uptrend looks to be failing.
Trade active:
Shorted at 2.8574, sl 2.8952
