The pair is way overdone, albeit controlled managed float.
Looking at the GANN fan we can observe we are nearing the top 17.65 (sometimes overshoots) and also we see the FALSE BULL FLAG pattern, that has a flag support 14.68 and objective wise 11.80 GANN 1/1 support.
Judging the whole chart and the RSI is very overdone, and I mean very very very overdone. This...
I am careful to promote a BUY signal, since the monthly chart is very overdone, and any major event on Turkish Lira can set it back quickly to much lower levels.
The stochastic is almost positive, and the GANN resistance is 19.00 area and we have more room on upside medium-term. We may see above 18.00-18.50 before the change of direction sets in.
Strategy is...
The 4-hourly chart is slightly positive, and it is possible to see a re-test of 17.46 resistance (mid-channel).
The daily chart stochastic is positive, but in terms of GANN trend change date, the date is today according to the time cycle.
I suspect the inflation in US to be the trigger then. I feel that we may return 16.25-16.50 short-term.
The long-term will...
Hello dear friends
According to the candlestick pattern on the weekly time frame, I prefer to look for more buying positions on this chart, so I will look for more bullish price patterns at these levels.
I’ve marked the zones where to buy and the tp, we don’t have SL, but when the trade enters if it goes profit, then put the SL in BE so this way even if the market goes opposite then we don’t lose. I wish u all the best.
Please if u liked the idea press like, comment, and FOLLOW me for more Thank You!
USDTRY incoming ATH. The channel slop is obvious and soon it will try to cross the middle line then it's going to be open season. I'm not sure about the following ATH level.
#USDTRY Breakout 🚀 in 1h Chart and reclaim of vwap on above average volume - Target 17.05 🧲
All Entry Criteria have been met:
1. Price above 10, 20 & 50 EMA ✅
2. Consolidation Phase in Uptrend ✅
3. Breakout on above average Volume✅
When we read about a currency is plunging against another currency (usually the USD), what we are really saying is there is more supplies of Lira flooding the market. That means 1 USD will get you more TRY (lira) than before. Who is this good for ?
Of course , those who has a stronger currency and can get much more LIRA to spend be it food, transport, assets...
USD/TRY may end the uptrend for a period of time in a bear market correction. Either the bear market is in the going or the uptrend may
still needs to make more uptick before the bear market resume. The wave count and chart pattern may give us a clue for the direction of the trend. Only sustain trading above 18 Lira to one US Dollar may destroy the bear market...
Nice trick by goverment. They want to put pressure on companies by making them sell their dollars. But this will only postpone the collapse of Lira.
Target is 18+ for USD/TRY pair. This will be 3th wave (elliott). Current correction can not go down more than here 15.80
My target is 21-22 for USD/TRY pair. Fundamentally flawed economy will not persevere.
There is a volatility contraction on 4H and 1H chart. Im expecting that price will break up soon. Im suggesting to set buy stop order at green line. Please do not copy this trade a do not publish under your name. Im not a signal service but I do my best to make you some money. Check my previous ideas. Wish you good luck.
