I posted this long Idea based off this green trendline shown, back in February.
Price reacted to that level, but more importantly are the Macro events in Turkey at the moment.
I see the trade long. I have highlighted a 2:1RR with 1% Risk.
This is a 12 hour chart...I am stepping back in timeframes to wash away some of the silliness in the market, it's helping.
1hr double bottom
4hr 1-2-3 pattern forming
daily fib bounce off key zone
Will see highs met
I am no longer affiliated with the blood suckers @forexalphas which re branded to @MarkeApes after they blew their last fxpool :D
Timeframe on 4h:
In previous idea we said the turkish lira will be destroyed and will get the 8.41 then 8.53 till now breaked 8.41 but now we will wait to get 8.53
1.Stabilize Above 8.3800 will get a new price upward
2.Stabilize under 8.3700 will get down till the channel
The Short to M/T"s crucial level is 8.5,
sustain trading above this level we may see
9 or higher.
Failure to comfortably penetrate up and
sustain trading above 8.5 leads to 6.5 area
during the coming months.
1-Above 7.950 will get 8.388 then 8.530
2-stabilize under 7.900 will get 7.741 ..
But first option upward have more probability because make it stable above 7.95 and 8.130 this price is recommended to get 8.30 then 8.50 ,,,
But another side downward should be break the 7.74 to take strong sell
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