TRYJPY buy on new uptrend
Updated
RSI bullish divergence has occurred on this daily chart, and a new RSI uptrend confirmed.
Divergence is in an indication that supply/demand is shifting. Lira is potentially shifting from distribution to accumulation.
Other Lira's currencies are also appreciating and other Yen currencies depreciating.
Target placed at next major level of support.
Stop placed near previous short term low.
Potential risk/reward is good.
To exit, wait for RSI bearish divergence, or 14 moving average (low price) cross, or other Yen or Lira currencies losing momentum.
Divergence is in an indication that supply/demand is shifting. Lira is potentially shifting from distribution to accumulation.
Other Lira's currencies are also appreciating and other Yen currencies depreciating.
Target placed at next major level of support.
Stop placed near previous short term low.
Potential risk/reward is good.
To exit, wait for RSI bearish divergence, or 14 moving average (low price) cross, or other Yen or Lira currencies losing momentum.
Trade closed: stop reached
Stop loss hit. Both currencies in this pair are now weak across the board. This trade had a good risk/reward payoff and was worth the risk.
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