Looks like a very decent and stable bull flag here, so it is worth the risk. I am going to get in with half a size here and increase it to a normal size if we get a break out.
XABCD pattern forming bullish bat on the chart, and the RSI shows us its oversold. Maybe the price will drop more to 6.07, then Euro strengthening against Turkish Lira.
EURTRY 4H Sell and Buy Setup
TP1: 6.18537
TP2: 6.15396
TP3: 6.04530
TP4: 6.04254
TP5: 5.98960 (Fib 0.236)
This is not investment advice
Obviously I do not use sl , adjust according to your own account
Refer to my USD/TRY idea linked to this idea. When I trade one pair, I also like to study the market structure of correlating pairs. USD/TRY and EUR/TRY correlating pairs. In my high level analysis we see that both pairs experienced the nicest nice bounce off the 61.8 fib level and would have been a perfect entry point, as we can see price action was swift to...
This trade is not part of my usual price action trading strategy. It is longer-term play based on the Ichimokucloud technicals (kumo turning bullish on eurtry and chikou broke past prices), but also the fundamentals. As the new year has come, prices of essential things like energy and water have doubled for my family living in Turkey. Other bills for the new year...
The Euro vs. the Turkish Lira. Traders have been attracted to this pair because of its high volatility during pre-crisis conditions, however, due to monetary policy aimed to maintain price stability in the Euro-Zone volatility has declined. In the past, the Turkish Lira has been pegged to currencies such as the British Pound, the French Franc and most recently the U.S. Dollar.
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