Sublime_Trading

USDTRY Trending Strong!

Long
FX:USDTRY   U.S. Dollar / Turkish Lira
Forex pairs have been off the radar for some time as most of the action has been in stocks.
But here and there, certain forex pairs will pop up with opportunities and this is the reason
that we never take our eye off the ball.

You can clearly see from the chart that the US Dollar is gaining strength over the Turkish Lira
and has consistently been on the rise for a number of years now.

In 2018 alone, we saw a sudden surge in price with a rise of 89% in just 8 months of that year.

Like with most big trends, price will take a break in the form of a pullback or period of consolidation.
In this case we saw price consolidate for 2 years.

With consolidation zones, we always want to patiently wait for breakouts because we can expect
to see a strong move in the direction of the breakout.

So far, this breakout has started to trend nicely to the upside with price already up 7.3%
since breaking above resistance at 7.0831.

With a trend currently in play, we have to look at the next area price may move to and we
can see that then 8.0000 round number is above and may act as resistance.

We currently have a position in this pair and we will look to compound as long as price
continues to break previous levels of resistance.

See below for more information on our trading techniques.

As always, keep it simple, keep it Sublime.
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Comments

Nice analysis, keep it up
Reply
Sublime_Trading BakiShirzadi
@BakiShirzadi, ok thanks.
Reply
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