USDTRY Analysis
Updated
Hey Traders,
I hope everyone is having a good time as the year is ending and new one is beginning soon; I saw this market or the dollar-Lira which the market has broken the resistance area and then retested, if the market holds above this level and the breakout turns to be real one, then the Lira is going up, my target is the second resistance area which the wig the market made 26th of Aug this year. however, if the breakout turns to be a fake breakout, then the market is gonna sell-off around 5.80 as my level of support, then the market will decide where to go then.
Here is the trade setup
Scenario 1: Long Trade Setup
USDTRY Buy at 5.93133
Stop Loss at 5.8960
Target Profit at 6.03960
If market movement is now fake and the current support area is broken, then the market would turn into short and here is the second scenario for it:
Scenario 2: Short Trade Setup
USDTRY Sell at 5.88000
Stop Loss at 5.9580
Target Profit at 5.8000
Good Luck and happy new year!
I hope everyone is having a good time as the year is ending and new one is beginning soon; I saw this market or the dollar-Lira which the market has broken the resistance area and then retested, if the market holds above this level and the breakout turns to be real one, then the Lira is going up, my target is the second resistance area which the wig the market made 26th of Aug this year. however, if the breakout turns to be a fake breakout, then the market is gonna sell-off around 5.80 as my level of support, then the market will decide where to go then.
Here is the trade setup
Scenario 1: Long Trade Setup
USDTRY Buy at 5.93133
Stop Loss at 5.8960
Target Profit at 6.03960
If market movement is now fake and the current support area is broken, then the market would turn into short and here is the second scenario for it:
Scenario 2: Short Trade Setup
USDTRY Sell at 5.88000
Stop Loss at 5.9580
Target Profit at 5.8000
Good Luck and happy new year!
Trade closed: target reached
Buy Positions opened!!
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