botje11

USDTRY Double bottom, Part 2

FX:USDTRY   U.S. Dollar / Turkish Lira
In my previous analysis i showed a potential double bottom on the daily chart which has been playing out so far. The ideal entry, when the triangle would break on the low side, didn't happen. It simply broke upwards and continued the rally since. However, this rally has been very slow so far. It's not always bad, but at this point it needs to accelerate a big more. Like it has been doing the past week or so. Bulls need to show they want to attack the neckline of that double bottom (red zone on the left). So ideally we see a good move up this week, into the resistance zone and make a good bull flag there for a few days. If we see that happen, it will become more likely to see a continuation up for the coming few months.



Previous analysis:

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I hope you are wrong at this particular chart. Double bottom may nearly almost destroy my whole trade setup :D
I'm waiting wolfe wave expactation and 5th wave should be between 5.05 and 4.78. Currently trying to approve db neckline.Also ichi cloud is so thick at 5.45 in daily chart(Also, Cypher D Point).

Good luck and thanks in advance.
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Tolcontar Tolcontar
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botje11 Tolcontar
@Tolcontar, Haha, well there is some acceleration past days, but cant say its very obvious yet that the neckline will break. But even if it breaks, could be a bull trap if the breakout will be weak
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het david can you review long term this parite please !
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@emrelg, Really hard to say, if we see the double bottom play out, probably go close to the 6.0. That would be a big resistance zone, anything can happen there.
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emrelg botje11
@botje11, david update pls .
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