Please note this trade idea is for demonstration and educational purposes only; it does not constitute a signal. This idea is a long term possibility. Given all factors including fundamentals, no one can with 100% accuracy know for sure that long term ideas will play out. We must follow price action. It will be interesting to see how this pair plays out long term.
As I study this pair a few things have caught my eye as follows:
1. We do see more instability with the lira in light of political circumstances especially regarding the re-election that is scheduled to take place. 2019 could be a troublesome year for the lira.
2. From a technical standpoint, we see the possible makings of a teacup. I have highlighted zones where price could hit certain key zones in the market, all within a descending channel before reaching a strong key level of support. This strong level of support happens to offer confluence at the the 50% key level. Price may or may not pull back withing this descending channel. It could push straight down to the 50% fib level without a pullback.
3. Note also the trendline, highlighted in fuchsia, which offers confluence if price pulls back to the 50% fib level.
4. If price bounces off this key level I would expect to see this pair take off to higher highs, especially if the lira continues to deteriorate.
Again, please note this idea is for study purposes. Please follow me on Instagram and Facebook (links below). Please also like or comment to offer your insight.
As always please trade at your own risk and use proper risk management.
As I study this pair a few things have caught my eye as follows:
1. We do see more instability with the lira in light of political circumstances especially regarding the re-election that is scheduled to take place. 2019 could be a troublesome year for the lira.
2. From a technical standpoint, we see the possible makings of a teacup. I have highlighted zones where price could hit certain key zones in the market, all within a descending channel before reaching a strong key level of support. This strong level of support happens to offer confluence at the the 50% key level. Price may or may not pull back withing this descending channel. It could push straight down to the 50% fib level without a pullback.
3. Note also the trendline, highlighted in fuchsia, which offers confluence if price pulls back to the 50% fib level.
4. If price bounces off this key level I would expect to see this pair take off to higher highs, especially if the lira continues to deteriorate.
Again, please note this idea is for study purposes. Please follow me on Instagram and Facebook (links below). Please also like or comment to offer your insight.
As always please trade at your own risk and use proper risk management.
Comment:
We are nearing a key level in the market. Please continue to watch price action.
Trade active
Trade active:
200 MA serving as dynamic support see below serves as a confluence. Watch to see if this support holds. Low risk to reward ratio
Comment:
We still have dynamic resistance with the 200 MA. Protect your profits if you are in profit.
Trade active:
I like what I see! On the daily timeframe we almost have s bullish engulfing Candlestick which means there are buyers increasing in the market. A great sign
Comment:
Bearish pennant formation cannot be ignored
