I will open buy near 5.4832
- Price bounced several times from that level
- Near 5.4832 low risk and potential profit in 5 - 10 times bigger than a risk
After 22.03 better will be to open Buy entry on pullbacks, because after such huge up move trend changed
Above 5.4500 Usdtry moves to 5.54 target level strongly.
Despite the Central Bank of Turkey's interest decisioin, usdtry continues to rise from thursday.
With strong dxy the drop on the pair seems impossible.
Downtrend is finished with support line.
EMA13 plays well in USDTRY.
Must check after the elections at April 1st.
A possible agreement with IMF will probably signed so after the elections a sell strategy can be applied.
USDTRY has a falling wedge formation on the weekly chart. If this week closes above 5.31 falling wedge breakout will be confirmed.
Stoch RSI is extremely oversold on the weekly chart. Tom Demark count gave a red 9 and counted extra 3 bars.
In upcoming weeks I expect a bullish rally to start.
Here is my long term trading idea:
Long at: 5.26 - 5.31
USDTRY counted red 9 according to Tom Demark count. After red 9 we expect a trend reversal. Weekly Stoch RSI is at historically low levels. Bollinger Bands are very narrow at the daily chart. I expect a bullish breakout within this month. Major resistance areas are: 5.33 (daily MA20), 5.43 (fib 0.5) and 5.72 (weekly MA20). Major support is at: 5.05 (fib...
FX:USDTRY / Support Channel & ABCD
Don't forget to use %2 Risk Management
Please note I am only providing my own trading information for your benefit and insight to my trading techniques,
you should do your own due diligence and not take this information as a trade signal.
The price broke up downward triangle.
It is a powerful buy signal.
1.st goal: 6.84025
2.nd goal: 7.08035
Push like, subscribe and write in comment what do you think about thins idea!
I will write accurate S/L point if this post will get 40 like.