Eurtrysignal
EUR/TRY Back To SupportHuge sell off on the EUR this past week, I was looking at this as a chance to long back up to resistance as it is oversold but looking at the bigger picture I think it is best to hold off at the moment. The situation is very bearish and there will certainly be swing trading opportunities here but the trend is going down and longing anything here seems like a big risk not worth taking.
Looking at monthly and weekly timeframes you see this is retracing back to the previous peak from August 2018, if it reaches this point that would be the perfect time to be longing this. Although it may not go as far as this, we are now at 0.618 Fibonacci and as this is currently oversold it could reject this area and level off before rising again back towards the all time high.
With this in mind it makes sense to hold off a trade on this pair and some other EUR pairs until the situation unfolds. Once it does it could open up some very profitable opportunities.
EUR/TRY DOUBLE TOP SHORT SET UP & LONG BREAKOUT SET UP FIRST TIME REVISITING ALL TIME HIGHES
SELL SET UP
SELL EUR/TRY
ORDER TYPE
ENTRY 1 7.7820
ENTRY 2 7.8630
SL 8.987
TAKE PROFIT 1 7.7320
TAKE PROFIT 2 7.2320
TAKE PROFIT 3 6.320
BUY SET UP
BUY EUR/TRY
ORDER TYPE BUY STOP
ENTRY 1 7.8920
ENTRY 2 7.9830
SL 7.865
TAKE PROFIT 1 8.0320
TAKE PROFIT 2 8.4320
TAKE PROFIT 3 8.8220
EUR/TRY short/sell idea. almost 3400 pips move...in the name of ALLAH who is most merciful and the master...
