Get started

Eurtrylong

Bullish breakout for EUR/TRY.Hi traders, wanted to share with you my chart Analysis. The whole first week of February saw EUR/TRY in a down trend, creating a triangle where at the base we have an area of confluence with the trendline formed in the begining of the year (9th of Jan). Week wise and day wise pair is in a long uptrend. At the beginning of a Friday session (Europe) we saw tweezers bottom/chopsticks candle pattern (on 30min chart) at the area of confluence giving a clear signal of a change in direction of the trend,eating all the shorts on the way - resulting in catapulting of the price up with a text book example of a bullish breakout. Perfectly following the description of a bullish breakout out of a triangle, price ascended the same amount as the height of the triangle. Price then pulled back to the broken trendline that became the support. I closed my longs on top of the chart, and will initiate longs for the following weeks, with a good entry. In my opinion we have a begining of a longer term uptrend. Thank you for reading. Lukas
Long
by lukaszl
Analysis of EURTRY 17.10.2019The price above 200 MA, indicating a growing trend. The MACD histogram is above the zero lines. The oscillator Force Index is above the zero lines. If the level of resistance is broken, you should follow the recommendations below: • Timeframe: H4 • Recommendation: Long Position • Entry Level: Long Position 6.5500 • Take Profit Level: 6.0000 (500 pips) If the price rebound from resistance level, you should follow the recommendations below: • Timeframe: H4 • Recommendation: Short Position • Entry Level: Short Position 6.4800 • Take Profit Level: 6.4600 (200 pips) USDJPY A possible long position at the breakout of the level 108.90 GOLD A possible short position in the breakdown of the level 1476.00 USDCHF A possible long position at the breakout of the level 0.9910 EURUSD A possible long position at the breakout of the level 1.1095
by PaxForex
Analysis of EURTRY 26.07.2019The price is below the moving average of 20 MA and MA 200, indicating the downward trend. MACD is below the zero level. The oscillator Force Index is below the zero levels. If the level of support is broken, you shall follow the recommendations below: • Timeframe: H4 • Recommendation: Short Position • Entry Level: Short Position 6.2900 • Take Profit Level: 6.2200 (700 pips) If the price rebound from a support level, you shall follow the recommendations below: • Timeframe: H4 • Recommendation: Long Position • Entry Level: Long Position 6.3900 • Take Profit Level: 6.4100 (200 pips) GOLD A possible long position at the breakout of the level 1426.00 USDCHF A possible long position at the breakout of the level 0.9920 GBPUSD A possible short position in the breakdown of the level 1.2410 USDJPY A possible long position at the breakout of the level 108.80
by PaxForex
EURTRY setting up nicely for a leg upOne of my favourite pairs this weekend. So much confluence for an upside leg. Let's break it down. 1) Price printed a doji on the last trading day. That is a somewhat sign of reversal. 2) Price printed the doji at a strong area of support . We can see how many times the price has jumped from this area in the past (green circles) 3) Price printed the doji at a strong area of support and right at the 200MA. Now, this is a strong sign for a reversal. Price is supported by horizontal support and the 200MA. 4) Price printed the doji at a strong area of support, right at the 200MA and right at the ascending trendline (red trendline) dating from beginning of this year. This is extremely strong 5) Double bottom. The price of the pair is rejecting the same area it rejected on 5th of July. 6) RSI divergence. We see that the price made a low on 5th of June and 5th of July but the RSI didnt go lower, instead it stayed neutral. On this new low the RSI has actually won strength. Another sign of reversal. Not everything is perfect though: 1) Price is capped by a descending trendline (blue trendline) that has been respected since May. A break of this trendline will totally confirm the leg up. 2) Price is capped by 50MA before it could reach the horizontal resistance. So we will use 50MA as PT1 as it could send the price lower again. Lets look at the 4H chart to get a trading plan : We clearly see the double bottom and the same RSI divergence than on D chart (purple lines). The Price Action is not very clean but we can make 2 different plans. - Plan A: Blue arrows -> Price recovers to the descending trendline where it will also hit the MA50, retraces a bit before continuing higher. - Plan B: Red arrows -> Price breaks the descending trendline and keeps going higher until hitting the 4H resistance area that will also be the 200MA. Price could retrace back to the trendline, it will be also the MA50, before continuing higher. I will wait to see how the pair wakes up on Monday morning but if not much of a change I will buy straight away and exit the trade if a 4H candle breaks and closes below the support and lows of 5th of June. If I am missing anything let me know in the comments!
Long
by MicKi
4
I am affraid it is time to short the Turkish LiraThis trade is not part of my usual price action trading strategy. It is longer-term play based on the Ichimokucloud technicals (kumo turning bullish on eurtry and chikou broke past prices), but also the fundamentals. As the new year has come, prices of essential things like energy and water have doubled for my family living in Turkey. Other bills for the new year still need to come in but are expected to show the same increases. This was to be expected as Turkey has financed almost all energy infrastructure with foreign (USD) debt and USD interest rates are rising. It is mathematically impossible to keep energy rates as low as they were, as total national energy revenues hardly covered interest payments on these foreign loans. As energy prices will rise all other prices will have to rise eventually. If Turkey is to remain competitive as an exporter then in the short term (next half year to year) the TRY will need to depreciate. The down-side is that it will make foreign debt even heavier. It is a tough choice, but I think the powers that be rather have higher inflation of which they can control the reporting of the numbers to the people. Inflation will erode purchasing power, but also all the consumer debt Turkish people have taken on in the form of Taksit (paying in installments). The subsequent devaluation of the TRY will keep the economy going keeping nominal growth figures presentable. There will be no actual growth, but this will not be visible immediately to the man in the street. The devaluation of the Turkish Lira can also be explained as a plot by the West to stop Turkey in its growth. Rich Turks move out of cash into hard assets such as land and real estate fulling the bubble even more. Smart Turks will buy Gold and Silver as holding other currencies then the Turkish Lira has already been frowned upon. So, as it turns out the same is happening in Turkey as is happening all over the world. The rich will get richer as they move into real assets, the poor will get poorer as everything gets more expensive. OK, this has been a pretty negative few on the situation. Honestly, I hope it will not play out. For a more positive outlook, I suggest the following reports by the state-owned TRT World news channel: www.youtube.com www.youtube.com I am hopeful for the long-term outlook for Turkey, knowing the resilience of the Turks (something we have lost here in the west i.m.h.o.) and the fact that Turkey and the Turks have always have had an appreciation for and understanding of real Money in the form of Gold and Silver.
Long
by dave25981155
EUR/TRY LONG IDEA. History can and does repeat itself!Refer to my USD/TRY idea linked to this idea. When I trade one pair, I also like to study the market structure of correlating pairs. USD/TRY and EUR/TRY correlating pairs. In my high level analysis we see that both pairs experienced the nicest nice bounce off the 61.8 fib level and would have been a perfect entry point, as we can see price action was swift to the upside. Also, I used the bars tool simulator, taking a snipped from this pair's history to predict future movement. If history repeats itself, could this move be the future of this pair as well as that of USD/TRY since they correlate? Note, price is still respecting the trendline as well with this idea. Now we know that although in Forex history tends to repeat itself, the market is also dynamic. Many factors can impact price action. Be sure to watch the direction of the Turkish Lira. This idea is for demonstration and educational purposes only. Trade at your own risk. This is not a signal. Price could very well not reach these highs.
Long
by mrsceleste