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USDTRY

A Simple but Effective USDTRY Trading StrategyThe USDTRY pair tends to be extremely volatile, and hence it brings many scalping opportunities. On the sell side, and on the hourly chart, you need to keep an eye on EMA-200, EMA-25, trading volume, its MA, and a few important points of time during the day. Zoom into the chart. By 7:00 AM UTC (sometimes 8:00 AM), a significant trading volume spike above its MA line usually occurs and is followed by consolidation above the EMA-25 ahead of breaching it. By breaching the EMA-25, USDTRY usually breaks significantly below the EMA-200. A trader may enter a sell position as the USDTRY breaches the EMA-25 and close their position after nearly 4,000 ticks below the closing price of the 7:00 AM candle. On the buy side, the move tends to be much faster. After that long bearish candle that breaks below the EMA-200, a long bullish candle usually forms with an opening price that is nearly identical to the closing price of that bearish candle. This bullish candle usually forms between 21:00-23:00. This move usually targets the EMA-25, about 4,000-8,000 ticks above the opening price of the bullish candle. These strategies above seem to be intuitive for many traders. However, the previous patterns are usually followed by a significant amount of volatility. So, prudent risk management must be taken into account. I would appreciate your opinion and I would be very thankful if you can cheer my account up a little :)
Education
by SamerHa
3
Pivot Point Strategy A pivot point is a technical indicator to identify trends and reversals in any market. Pivot points are calculated to determine critical levels in which the price could find its support and continues in the same direction or change from bullish to bearish, and vice-versa. We can use Pivot points to find entry, stops, and profit-taking by trying to determine the psychology of the market. When we are above the pivot point the market is bullish. In a bullish market if we cross a resistance level the uptrend will continue but if it bounces back we can expect a trend reversal. When we are below the pivot point the market is bearish. In a bearish market if we cross a support level the downtrend will continue but if it bounces back we can expect a trend reversal.
KRAKEN:DASHUSDEducation
by apadanaforex
3
Is the US Dollar dying or dead?In this very busy chart, I compare 6 forex pairs. It needs some study. What seems clear to me is that the USD strength has been heading south manly since March 2020. This is not unexpected of course, following the FED's money-printing spree, now called QE infinity. I'm not here to say whether that's a good thing or a bad thing. The overall effect of a weak USD is to keep the US stock indices afloat. I'm not saying that is an intended effect of what the FED is/was doing. I think the effect is dangerous on both Bond and Stock markets, because at some point people or banks are gonna wake up and wonder 'What's the value of money?'. In a sense that's already happening, as in other posts I've shown that there is movement of value into metals and Bitcoin. The above are speculative opinions that may well be wrong. This means that you ought not to make decisions based on anything I say. Disclaimers : This is not advice or encouragement to trade securities on live accounts. Chart positions shown are not suggestions. No predictions and no guarantees supplied or implied. Heavy losses can be expected if trading live accounts. Any previous advantageous performance shown in other scenarios, is not indicative of future performance. If you make decisions based on opinion expressed here or on my profile and you lose your money, kindly sue yourself.
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Education
by Captain_Walker
7
What goes up has to come down - really?There is a received wisdom that what goes up has to come down. Well, this currency pair trend may defy that rule. We shall have to wait and see. For sure there are corrections to be expected. This begs the question of what does 'down' mean? Is 'down' - a correction? or - does it mean a fall below its original starting point? If you take it as below some original starting point then USDTRY may never actually go 'down' to a level pre-2011. If you take 'down' to mean a significant correction then yes the pair is overdue a correction. I would argue that a 'significant correction' means a retracement greater than 50% from starting point - to somewhere around 5. That may seem improbable but strange things do happen. I'm not making any predictions here. I don't do predictions. TRY met an all time low on Friday 12th Nov meaning it would have taken about 8 TRY to buy one USD (or one USD would have bought you 8 TRY). Then something 'magical' happened and it appeared to strengthen. This followed major turmoil in Turkey (read the news). But keep in mind that the ratio of USD to TRY is based on US Dollar strength, which is not easy to estimate, as everything is relative. If your US Dollar weakens further this could and bearish pressure to the ratio (that doesn't mean it's going south). Disclaimers : This is not advice or encouragement to trade securities on live accounts. Chart positions shown are not suggestions. No predictions and no guarantees supplied or implied. Heavy losses can be expected if trading live accounts. Any previous advantageous performance shown in other scenarios, is not indicative of future performance. If you make decisions based on opinion expressed here or on my profile and you lose your money, kindly sue yourself.
Editors' picks
Education
by Captain_Walker
💡Ascending Triangle in USDTRY - "Learn More Earn More" With USAscending Triangle Definition: An ascending triangle is a type of triangle chart pattern that occurs when there is a resistance level and a slope of higher lows . It is defined by two lines: . A horizontal resistance line running through peaks. . An u ptrend line drawn through the bottoms. The higher lows indicate more buyers are gradually entering the market and buying pressure increases as price consolidates moving further towards the apex. An ascending triangle is classified as a continuation chart pattern. If price can break through the resistance level , that level will now act as a support level . Breakouts can also happen in both directions. Statistically, upward breakouts are more likely to occur, but downward ones seem to be more reliable. In most cases, the buyers will win this battle and the price will break out past the resistance.But Sometimes the resistance level is too strong, and there is simply not enough buying power to push it through. Therefore you should be ready for movement in EITHER direction. ENTRY: We would set an entry order above the resistance line and below the slope of the higher lows. TARGET: Target is approximately the same distance as the height of the triangle formation. ❤️ If you find this helpful and want more FREE forecasts in TradingView . . . . . Please show your support back, . . . . . . . . Hit the 👍 LIKE button, . . . . . . . . . . Drop some feedback below in the comment! ❤️ Your Support is very much 🙏 appreciated! ❤️ 💎 Want us to help you become a better Forex trader ? Now, It's your turn ! Be sure to leave a comment let us know how you see this opportunity and forecast. Trade well, ❤️ ForecastCity English Support Team ❤️
Education
by ForecastCity
8
Ascending ChannelKEY TAKEAWAYS An ascending channel is used in technical analysis to show an uptrend in a security’s price. It is formed from two positive sloping trend lines drawn above and below a price series depicting resistance and support levels, respectively. Channels are used commonly in technical analysis to confirm trends and identify breakouts and reversals. Understanding Ascending Channels Within an ascending channel, price does not always remain entirely contained within the pattern’s parallel lines but instead shows areas of support and resistance that traders can use to set stop-loss orders and profit targets. A breakout above an ascending channel can signal a continuation of the move higher, while a breakdown below an ascending channel can indicate a possible trend change. Ascending channels show a clearly defined uptrend. Traders can swing trade between the pattern’s support and resistance levels or trade in the direction of a breakout or breakdown. Trading the Ascending Channel Support and Resistance: Traders could open a long position when a stock's price reaches the ascending channel’s lower trend line and exit the trade when price nears the upper channel line. A stop-loss order should be placed slightly below the lower trend line to prevent losses if the security’s price abruptly reverses. Traders who use this strategy should ensure there is enough distance between the pattern’s parallel lines to set an adequate risk/reward ratio. For example, if a trader places a $5 stop, the width of the ascending channel should be a minimum $10 to allow for a 1:2 risk/reward ratio. Breakouts: Traders could buy a stock when its price breaks above the upper channel line of an ascending channel. It is prudent to use other technical indicators to confirm the breakout. For example, traders could require that a significant increase in volume accompanies the breakout and that there is no overhead resistance on higher time frame charts. Breakdowns: Before traders take a short position when price breaks below the lower channel line of an ascending channel, they should look for other signs that show weakness in the pattern. Price failing to reach the upper trend line frequently is one such warning sign. Traders should also look for negative divergence between a popular indicator, such as the relative strength index (RSI), and price. For instance, if a stock’s price is making higher highs within the ascending channel, but the indicator is making lower highs, this suggests upward momentum is waning. Envelope Channels Envelope channels are another popular channel formation that can incorporate both descending and ascending channel patterns. Envelope channels are typically used to chart and analyze a security’s price movement over a longer period of time. Trend lines can be based on moving averages or highs and lows over specified intervals. Envelope channels can use similar trading strategies to both descending and ascending channels. This analysis will typically be based on a stock price movement over an extended period of time while ascending and descending channels can be beneficial for charting a security’s price immediately after a reversal.
Education
by Saeed966
About income inequalityAh, the great nations of Ethiopia and Afghanistan. Since very low income inequality is, according the far left, the absolute peak of human development, then we can all agree that Kazakhstan, Ethiopia, Afghanistan are among the most prosperous nations of the planet, absolute powerhouses! Every single country that tried "equality" has failed utterly. The ones that lasted longest were those with fossil fuels, and the ones that today can make it work are countries with fossil fuels (Norway...). Sweden is not a complete failed state, this is the socialists of america main point. They have only been socialists for 10 years LOL. Sweden is not a complete failed state YET. They have already began to decline and they barely just started with socialism... On the other side, things are not better. The most inequal countries are in latin america and sub equatorial africa. (en.wikipedia.org www.indexmundi.com) Here is the top 10: You may be aware of the growing popularity of the far right in South Africa (that openly talked of killing all whites). Who are these top 10% in most of those countries? Well that's easy. The ruling class and the ones holding the guns. As long as the military are well armed and well paid, the rulers can keep taking everything for themselves... Great places. But they are idiots. They keep 99% of the pie. But the pie is tiny. Not worth it. The USA, with their current culture of overpaying CEOs, giving them golden parachutes, paying the shareholders and ignoring the workers, short term profit more more moar, are drifting towards that extreme inequality... Long term is NOT bullish. The answer of the people of America was voting for Trump in 2016, and nearly having Bernie Sanders run for president on the left (Hilary barely beat him ~55% to ~45%). And things have gotten way worse. And until the USA goes back closer to the center things will just keep getting worse. The right is blaming foreign nations & illegal migrants, the left is blaming straight white men. Both are (obviously) wrong and stupid. Apes. Sweden, or some call it Swedistan, are the generational short at the moment, until something changes... I think the far right is on the rise there, maybe they jump to the other extreme. But I doubt it. Long term outlook is "it's going to ZERO", keep an eye on politics there. A change of mentality can change things very rapidely. When Germany went full fascist in the 1930s their currency and economy recovered faster than you could say "why is the margin clerk calling me". Of course we all know what happened after that initial short term relief euphoria. Turkey is in a downtrend and have high inequality but I am not sure about the situation there. I want to see what happens after Erdogan. Maybe same as Venezuela after Chavez? XD RIP. It seems logical to me that the perfect situation is in the center, but even if this is not obvious enough, history has shown that this was the most prosperous environment. Economists agree that inequality is good, and necessary. Anyway, how is the guy that puts groceries in bags getting rewarded the same as Henry Ford fair? Lmao. It does not matter if you agree or disagree with politics, really hate the far right NAZI and do not want their economy to go well (short term). If you ignore facts and numbers the margin clerk will call you regardless of your views ;)
TVC:DJIEducation
by MrRenev
4
EAGLE Strategy - $USDTRY: Keeping A Close Watch On E.A.G.L.E.:2018-08-10 - $USDTRY: Keeping A Close Watch On E.A.G.L.E.: Traders, Can you count how many times we got burnt on $USDTRY, waiting for a movement that occurred in multiples of the expected forecast, or one that simply turned around? I can: Two too many. In this case, I want to highlight a few areas that are worth looking as we wait for a probable reversal at the highlight range, namely: 1 - 6.7302 AND 2 - 6.6694 This range is referred to as a strong Bearish Entrenchment, in which reversal are expected to occur IF and ONLY IF price is meant to reverse at this level (per data determined by CROW Code). Here, the assumption is that a reversal is afoot, so we want to test this sensitive area, which will act as a lithmus test for me, you and anyone getting in the habit of using this method. First, this area is determined as a narrow band at approximately the top 4th of the high-to-most-recent bottom. Estimate a 4th of that height, and draw a narrow band above and below this estimated level. Second, for this level to be valid and raise suspicion of a reversal therein, wait for price to rally and stomp within the range. This is the time when I like to enter an aggressive counter-trend position. Here, the trend is UP, so I would simply enter a FULL SHORT Trade Opp position. Why FULL? Simply because this would represent the smallest exposure I would EVER get in such a short trade opportunity were price to move adversely and hit the SL, defined as the highest-high attained by price in the frame. $USDTRY/M15: COMPONENTS OF A DESCENT: The targets that I derive out of the CROW Code are typically associated with foreseeable price behavior. This is not the case all the time, but most of the time. TG-1 & TG-2 - The Last Bullish Entrenchment: For instance, targets TG-1 and TG-2 are most often associated with a significant pushback, so much so that some traders familiar with TG-1 and TG-2 will often chose to take profit upon validation of TG-1 when no pushback occurred at TG-1, then wait for a break below TG-2 for re-entry towards the other targets. TG-3, 4, 5 - The Pass-Throughs: By contrast, TG-3, 4 and 5 are pass-through targets, where some price behavior may occur, but at much less the frequency than what is seen with the first two targets. For instance, TG-4 would at time be associated with a deeper push-back than would occur at TG-5, but as long as the pushback remains less than 0.384-Fib deep from the prior leg, then there is no reason to expect that an aggressive, early reversal is afoot ... Stay a while longer for TG-5. The Ultimate Target, TG-u - Risk of Reversal: Most recently, I came up with an "ultimate target", which is the level most often associated with a reversal, or at least a deep retracement, which I would define as deeper than 0.618-Fib of the entire move down. That level is one that is the most difficult to trade, simply because once all numerical targets (TG-1, 2, 3, 4, 5) have been hit, there is a sense that price could no longer go any further. This is especially true when a 5-wave count ends at or near TG-5. However, I have been surprised most often than not with this target, and a retrospective wave count would often reveal that, although TG-5 may have corresponded to the terminal level of a 5th wave, concluding an impulse wave, a Flat would throw its wave-B and surpass that last level. Another observation also shows that while the impulse concluded at a 5th wave, it was only defining wave-A of a larger and yet to complete Elliott Wave Zig-Zag (ZZ), in which wave-C would push a bit further and justify TG-u. In any case, TG-u is where the grit of trading is found, as it takes nerves of steel to stay the course, or much more as I do, I simply set-and-forget. As an aside, I have chosen PURPLE as the color of TG-u, as it is the bruising and nose-bleeding that it imparts psychologically during deep decline or advances, respectively. NOW, WHAT TO DO: Using the steps that I will define below, simply get into the habit of checking whether price will move in your forecast direction. The simplest method would be to define a TOP and a BOTTOM, where TOP is the highest high achieved by price, whereas the BOTTOM is the presumed temporary base formed by the recent decline in the chart. Finally, ENTER SHORT upon breach of BOTTOM. This would often be a conservative entry, compared to an aggressive entry define by E.A.G.L.E. If instead, price breaks above SL, then you would get out with a solid rational and very little loss, using an objective strategy that you can now reapply once price appears to reverse within an EAGLE range. $USDTRY/M5: Looking At A Potential A-B-C Correction Into EAGLE: OVERALL: Get in the habit of testing your top, where a reversal might occur. To recapitulate: 1 - Define a narrow width from the highest-high to the recent low, from which price may likely be forming a correction. 2 - Said correction should move in a 3-wave form towards the narrow band, or "Bearish Entrapment" in the case of an expected decline. 3 - Enter upon touch-validation of the lower band, or if very aggressive, wait for price to hit the top band, then enter a SHORT position. 4 -Make sure to apply the firmest of discipline by letting go of the trade IF price closes above the SL. Do not even wait for a "BACA" event, or for price to Break-Across and Close Across". Smply get out upon the mere crossing of the SL. Here, SL is the TOP of the price action in the chart, at 6.7996. 5 - MOVING IN THE DIRECTION OF THE TRADE: Seek a target that is STRUCTURAL, that is a target that would correspond to a prior level where price has consolidated. The best method here is to define the center of that consolidation and project it forward as a target. The center is what I have defined in the past as Nodal Core. 6 - MOVING AGAINST THE TRADE: In case of retracement, as may occur at TG-1 or TG-2, look for price spikes that occurred on the "other side" of the counter-advance". Here, the trade expects price to go DOWN. So, look for spikes that occurred as price was moving UP. In the attached chart, I have pointed out to such a spike which occurred on the other side of the wall, hence the name I give to these events: "Transmural", or literally "across the wall". In a future strategy, I will share a method called AFT, or Aggressive Forwards Trading. This strategy, as with all of the other ones that I teach, is NOT a revelation of the CROW Code. I am only sharing with you all of the means and methods that I have developed over time for successful, stress-freetrading. By stress-free trading, I am referring to methods that tell you WHEN to enter, WHEN to rethink and WHEN to take profit. The strategy that I have explained above aims to do just that. It tells you WhEN to enter (E.A.G.L.E. range), WHEN to rethink your position (SL, TG-2, TG-4), and WHEN to exit (TG-2, TG-5 and TG-u). E.A.G.L.E. stands for E xtremely AG gressive L evel of E ntry. Cheers, David Alcindor
Education
by 4xForecaster
11