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:

If you want to support me, my affiliates:

Bitcoin futures trading, 10% discount: http://www.bitmex.com/register/5UpPrj
http://www.binance.com/?ref=35269417
For copy trading FX at Etoro: https://etoro.tw/2HjrI9X
Public Telegram Channel https://t.me/botje11
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.
Reply
Tolcontar Tolcontar
Reply
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
Reply
het david can you review long term this parite please !
Reply
@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.
Reply
emrelg botje11
@botje11, david update pls .
Reply
Home Stock Screener Forex Screener Crypto Screener Economic Calendar How It Works Chart Features Pricing House Rules Moderators Website & Broker Solutions Widgets Charting Solutions Help Center Feature Request Blog & News FAQ Wiki Twitter
Profile Profile Settings Account and Billing TradingView Coins My Support Tickets Help Center Ideas Published Followers Following Private Messages Chat Sign Out