ridethepig
Long

7.80 in the crosshairs..

FOREXCOM:USDTRY   U.S. Dollar / Turkish Lira
=> For those who believe in the bearish Turkey story, yet again we are at significant value areas for USDTRY longs. The 5th wave we mentioned in our previous idea can be seen clearly here and shows how the floodgates for 7.80 are wide open.
=> From a technical perspective the 5th wave target, the first major target is 6.78 (assuming wave 5 is a 1.00 ratio in length of wave 1).
=> Given the nature of this rally so far there is a very large chance this can extend well beyond the initial targets as far as the 2.168 extension at 7.80.
=> It is also worth noting for those following EW that the 5th wave usually marks new highs... confidence in this view will increase above 5.60 so for those wanting a less aggressive entry you can sit tight and watch closely and good luck to those wanting to pull the trigger early for the move of 2019.
=> This is going to be a monstrous move and worth tracking for those interested in watching the EM collapse continue.
Comment: Smells like a big move cooking here.
Comment: We are moving!!! +2% today!!
Comment: 5%!!!
CRASH
Reply
A) if USD goes before election over 6.85TL ,, they will move or cancel election date!
More realistic scenario is new high levels.
It will bring turkish lira and stability of turkey in troubles.

B) another scenario is, EU/USA will accept, turkish people had a choice and they took erdogan. USD/EUR will drop and turkey will go more stabile

C) erdogan will knock on IMF's door in summer 2018 and they will take the economy part from him, else it will end badly until 2020
Reply
Are you considering fundamental analysis? To me it says (Turkish elections ahead, 31. March 2019) a sharp upward move seems impossible, if it happens, it wont be as big or last long enough. USD wont rise against TRY before elections, they will hold it down. Otherwise Erdogan can not win, so they will do whatever it takes and dollar will fall against turkish lira end of March or latest right after elections (if Erdogan wins). Something to consider imo.
Reply
Completely agree,
There is an inverse head and shoulders.
Or open TRYJPY pair daily chart where it s very obvious
Reply
EN English
EN English (UK)
EN English (IN)
DE Deutsch
FR Français
ES Español
IT Italiano
PL Polski
SV Svenska
TR Türkçe
RU Русский
PT Português
ID Bahasa Indonesia
MS Bahasa Melayu
TH ภาษาไทย
VI Tiếng Việt
JA 日本語
KO 한국어
ZH 简体中文
ZH 繁體中文
AR العربية
HE עברית
Home Stock Screener Forex Screener Crypto Screener Economic Calendar How It Works Chart Features House Rules Moderators Website & Broker Solutions Widgets Stock Charting Library Feature Request Blog & News FAQ Help & Wiki Twitter
Profile Profile Settings Account and Billing Send feedback Ideas Published Followers Following Private Messages Chat Sign Out