As you can see the first primary degree wave is very clear and precise.The whole wave formation is very solid and the waves are defined internally very clearly as well.
So the aim for the 5th primary degree would be around 20 ish .
Regards
The pair has been trading on a strong 1W downtrend (Highs/Lows = -0.4121, B/BP = -0.5351) that recently appears to be slowing down. This may be an indication of a support on the 1W level (6.2070 - 6.5610). However a sequence of repetitive Triangle patterns illustrates that at least a -3.54% decline is expected to follow the completion of the most recent Triangle....
if the lira manages to evade the falling wedge pattern against the pound & lira strengthens , this will be very bullish for the lira.
Current pattern projects the lira weakening against pound , lets see what happens
Carry Trade is the one of the most stylish trading system.Example on 1 years :
UK interest rates = 0,74
Turkey interest rates = 23
If i lend money with GBP and if i invest in Turkey 2Y bonds my real income is :
23 - 0,74 = 22,26 (%) (yearly)
Because of i invested with hot money , Turkish lira will get high and i can buy more Pounds if i want to get...
unfortunately the usa is waging economic war fare on turkey , Turkish lira suffered greatly has since recovered abit . the pattern indicates things will get worse , unless dramatic measures are taken . lets see how this plays out .
GBPTRY is possibly on a recurring pattern sequence as seen on the chart, on the broader spectrum of a 1W, 1M Channel Up (RSI > 65.523 on both, even overbought on 1M). Our strategy is to buy every dip within the 4H Rectangle (ADX = 18.434, ATR = 0.0717) in anticipation of the next Channel Up. TP = 6.6467.
Hello traders,
Great opportunity for all long term investment traders, i am looking for a pull back here on the 240 to look to ride this train down back into sub 5 lira territory.
Two targets here which i like which fibbs confluence 1st target will be 382 and 2nd at the famous 618.
Look for your own entry reasons guys/gels and happy trading.
