CD leg with a 1:1 ratio with the XA leg falls into the blue region shown on the graph (which is also a confluence of the 0.786 retracement and 1.272 extension, so will look for this as an entry point .
Stop loss is based on previous structure support as shown by the horizontal red line.
Not only is this a nice Gartely, but we also have the entrance point on...
Thoughts on Chart.
Although after a period of consolidation the price can go either direction, my bets are on a move down. Here are the reasons.
1. MACD crossover.
2. Downwards trending 100 MA.
3. All factors that have damaged the price have already been factored in. Unless war breaks out, I'd say a drop is likely.
4. Buying Turkish Lira pays very well. Great...
USDTRY is nearing Large Supports (2.91 - 2.88) and Resistances (3.00 and 3.06). It is inevitable that it will eventually break out, but to which direction? USDTRY has been in a Longterm Uptrend for years now, and if the support is broken, it may jeopardize this trend and lead to the downfall of this currency pair. I believe that gramci_2's Pitchfork concept ...
USDTRY - Ascending Triangle, AB=CD, Head and Shoulders 1W IDEA
I think there is a 3 target point.
First target 3.0920
Second target 3.1455
Third target 3.1735
