Everyone is still thinking USDTRY will rise above 6 again. Maybe one day, but when? After 2 or 3 months? Waiting at long position at USDTRY pair is a very novice idea. Your capital will melt with the swap you paid. So bigger investers are not holding long poisitions for so long?
So what to do? The reason behind the devalution of TRY against USD are already cleared. Now It is time for rally at TRY assets. We don't now where is the bottom. We don't know when the trend will reverse again. But valuation of TRY will last much more longer than anyone expects.
So best idea for making money from this pair is going short. Yesterday we have seen that 5.58 is an important resistance, and it will make few tries before breaking it down. So lets watch the fibo retracement levels. just pust 5.7412 as sl, and put sell orders as below.
5,6255
5,6590
5,6843
5,7097
I will update my post, as positions are activated.
So what to do? The reason behind the devalution of TRY against USD are already cleared. Now It is time for rally at TRY assets. We don't now where is the bottom. We don't know when the trend will reverse again. But valuation of TRY will last much more longer than anyone expects.
So best idea for making money from this pair is going short. Yesterday we have seen that 5.58 is an important resistance, and it will make few tries before breaking it down. So lets watch the fibo retracement levels. just pust 5.7412 as sl, and put sell orders as below.
5,6255
5,6590
5,6843
5,7097
I will update my post, as positions are activated.
Trade active:
5,6255 first position activated.
Trade closed manually:
only one entry activated. closing with a stop loss and watching for a new setup.