Price has now bounced off resistance zone Price has now bounced off the trendline Price on a downtrend on daily SL: 5.36840 TP1: 5.29 (area where MMs might try to take stops before the big short) Potential TPs TP: 5.26589 TP2: 5.20909 TP3: 5.16108
head and shoulders pattern at usdtry. targets are shown by blue lines
SHORT OPPORTUNITY FOR USDTRY ON DAILY TIMEFRAME. TP 1: 5.19 TP 2 5.08
let's go on short. 5.03 is the first target buyt i''ll get profit in 5.07 just in case. Then, we'll continue to 4.93
The previous analysis has played very good. So here is the continuation.
USDTRY staring a sell-off in Intermediate (5) (red) so it can complete Primary C (red) and Cycle Wave IV (green).
From elliot wave analysis, i see that usdtry pair has finished 5 wave structure then started to a-b-c correction. Also at 5,54 price level i see double top formation and during this time, you can see bearish divergences at macd line and histogram so my first expectation from usd/try is to drop around 5,32 price level. Then if inclined support is broken, we can...
We will most likely see a gradual downward movement until 31 March 2019 elections. After that date I expect to see 5.x/6.x/7.x levels in 2019. ''only for educational purposes''
USDTRY 4H Sell and Buy Setup TP1: 5.43768 TP2: 5.37158 TP3: 5,33179 TP4: 5.26569 TP5: 5.25252 (Fib 0.236) This is not investment advice Obviously I do not use sl , adjust according to your own account
USDTRY will continue it's descent. After rejecting a bullish exit of a strong, months-long bearish channel, price is now sitting under EMA and back inside the channel.
USDTRY has been in a downward parallel channel. Going short at following preferences: Short: @ 5.4995 TP: @ 5.0944 (+4000 Pips) SL: @ 5.5707 (-764 Pips) RR: 5.24
Retested the triangle after a successful breakout. I'didn't shorted right after the retest because of some other possible triangle which might be developing. Now it seems ok to engage. My take profit zone is the pivot below the triangle and the triangle's target under the zone.
It looks like we will see a repetition of the past. The previous failed uptrend attempt was around 6.14. and after the initial drop and recovery the more controlled down trend started around 6.80. If we use a fib time zone, or even a simple line we can see that the amount of time between 6.80 and 6.14 drops and the time between 6.14 and now is exactly the same....
First of all, i expect a jump to B point which is 5.516 then i will look for a sell opportunity to aim C point which is 5.435 for my sell trade. (Also i see some hidden divergence at macd histogram and signal line on 4h chart which supports my trading idea.) When the elliot correction waves are totally finished at C point(which is our profit target), new rally...
The USD looks to be in a nice downtrend against the Turkish Lira. I like how the price has bounced off the fib cluster levels of 38.2 and 61.8%. We have convergence and a trend on the trigger chart and next higher time frame. I'm happy to raise orders for this as a short play. Peace :)