USD/TRY still hasn't found a strong support and thus, a move down further below is possible.
Trade closed: stop reached
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3% down.. No big deal, we move on to the next trade! Even though it was somewhat of a good looking position, not the most probable either. For a moment, the pair was calmly going down, sending the wrong signal. But as it's an exotic pair (Not a majorly traded pair) volatility eventually picked up.
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Even though the prices went up, from my analysis, it's too soon for it to completely make a reversal on the long term. And so, we will possibly see further low tests and once a strong support zone has been found, then a long term reversal up higher will present itself.
I will keep this signal updated if any shorting opportunity presents itself.
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USD/TRY isn't able to move up higher and as the 50 ema on the 4 hour is broken, it's going to make a drop. Is this trade the best one one could take? Obviously no. However, from what is currently happening, the next move could be down further below than last time.
@MustafaAlkhalidy, IF the 200 ema on the 11 hour timeframe isn't able to get broken, then price will jump higher up. But if it's broken, then the opposite will happen.
MoolahMaker
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@shop1930, I think it's too soon for it to reverse back up.. The loss was big and I don't think it can recover that fast. At least, that's what my technical analysis tells me. Even though, I don't usually trade exotic pairs but I gave it a shot this time since it looked like worth it but ended up not being :). And so, we might see a low test back to 5.8 area and even lower if it doesn't hold. It might even go down to 5.5 on the long term after the analysis on the 12h timeframe. But first, we would need the confirmation for that. To sum up, I wouldn't buy yet and let it find a strong support for a reversal.
Anyhow, I will keep this signal updated if I see some shorting opportunity coming up again. Peace.