Midterm Forecast: The current trend is uptrend and the forecast is the continuation of uptrend.
Technical analysis: While the RSI uptrend #1 is not broken, bullish wave in price would continue. Price is below WEMA21, if price rises more, this line can act as a dynamic resistance against more gains. Relative strength index (RSI) is 51.
Trading suggestion: There is a possibility of temporary retracement to suggested Buy Zone (4.4600 to 4.3200). if so, we would set orders based on Daily-Trading-Opportunities and expect to reach short-term targets.
Beginning of entry zone (4.4600) Ending of entry zone (4.3200)
Entry signal: Signal to enter the market occurs when the price comes to "Buy zone" then forms one of the reversal patterns, whether "Bullish Engulfing", "Hammer" or "Valley", in other words, NO entry signal when the price comes to the zone BUT after any of reversal patterns is formed in the zone. To learn more about "Entry signal" and the special version of our "Price Action" strategy FOLLOW our lessons: Take Profits: TP1= @ 4.5545 TP2= @ 4.6770 TP3= @ 4.8035 TP4= @ 4.9225 TP5= @ 5.0000 TP6= Free
oh sorry one more question, do you look at DXY as well for USDTRY analysis? if so, are you expecting a bullish near future for DXY and thats why you believe USDTRY is a buy? thanks!
PipsOfPersia
⋅
Hey! great analysis, i just have a few questions in mind, hope you can answer them!
how comes you don't believe the price might drop to the 61.8 fib before reversing?
also is it correct to assume that from your 4.32 entry zone until your TP5=5.0, that would be 6800 pips, which on a 1 lot size would equal to 68,000 Turkish Lira? i have recently started analysing TRY and playing around with it and still have a lot to learn!