Possible bearish pennant formation on this pair. Note possible trend line confluence as well as 61.8% fib level target. Initial bearish outbreak gave us approximately 200 pips. Breakout to target would mirror another 200'is pips. I do believe long term we will see higher prices, but for short term we have to take what the market gives us. This trade idea is for...
=> 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...
Hello dear FX & Turkish Lira traders, merhaba arkadaslar! ;)
It's been a long time since I've made an analysis to the Turkish Lira: But yet again, we have important elections coming up on Sunday: The AKP didn't accept the outcome of the first voting, which sent the pair through the roof immediately with an Ascending Triangle:...
The trade negotiations between the US and China are still at an impasse. The reason is - the Trump’s position, who accused China of violating the agreements. China, in turn, accused the United States of having provoked a negotiation crisis. Well, sum up there is a complete halt in the negotiation process, the expected counter-actions on the part of China and...
After a continues growth of dollar against Turkish Lira in last few days , now we can see a down fall towards 5.87
Sell at 6.02 - 6.03
Take Profit at: 5.8724
Do your trading with proper fund management
After wild first half of august 2018, turkish lira halted it`s decline. But now it seems, that trend will re-establish itself and lira depreciation will continue. I will personally wait for a reasonable decline, before entering any positions.
In 15 minutes is Central Bank meeting in the Republic of Turkey!
If the TCMB leaves the interest at 24% or possibly lowers it then threatens in my view, a rapid devaluation with new highs from the perspective of the USD / EUR or new lows from the perspective of Turkey.
I have prepared the following Trading plan.
If 5.9066 fall then new highs are very likely and I...
Market is approaching significant resistance
Weakening bullish momentum
RSI overbought + divergence
Head and shoulders pattern formation
Wait and sell breakout of the neckline.
Targets are based on structure!
Please, check my signature!
Monday was a very busy day for financial markets. It was partly due to the processing of weekend news (May's statement on Brexit, the results of the elections in Turkey), partly with new news stories. But first things first.
Brexit news. May’s attempt to hold the fourth vote in a row failed so far. Monday didn’t bring anything new to the current Brexit...
I create a Fibonacci line. We on the support line and we have to ready long position.
- Bull trend
- Turkey economic and politic problems (First and the bigger problem is RTE)
- Turkish lira is very useless and powerless
- Turkey Central Bank thaw reserve
Here we are witnessing a very interesting move taking place for the Turkish financial system. After finishing a clear corrective ABC sequence since the August highs we are now in the early stages of an impulsive move to finish the more broader 5th wave in a very large sequence.
For those tracking the updates in USDTRY in the previous charts (see attached:...