TRY
USDTRY: The story how to record historical lows againExpected trend: Bearish
Target: 4.3000
Risk: 5.7800
Technical reasons:
The USDTRY pair started a bullish correction after placing 5.13 low, it stopped at 23.6% Fibonacci correction level, to rebound downwards again.
The last move inside an ascending channel is considered as a bearish flag that supports the chances of continuing the bearish trend on the short term and medium term basis.
All the price needs now is to break 5.25 to confirm triggering a new bearish wave, supporting the chances of achieving the double top pattern’s target at 4.30.
We need to consider that surpassing 5.69 then 5.78 levels is considered as the key to achieve new gains that start at 6.00 then 6.20.
TRY is DONE. 2019 currency crisis is hereAnd every other emerging market
Any retracement from now. Long it, make money
Descending triangle - BitcoinThe Descending Triangle
This pattern indicates that sellers are more aggressive than buyers, and is usually resolved on the downside. The measuring technique is that the analyst must measure the height of the pattern at the base to the left and then project that distance down from the breakdown point.
The Volume Pattern
The volume pattern in descending triangles is that the volume diminishes as the pattern works itself out and then increases on the breakout. During the formation the chartist can detect subtle shifts in the volume pattern coinciding with the swings in the price action. This means that in the ascending pattern, the volume tends to be slightly heavier on bounces and lighter on dips. In the descending formation, volume should be heavier on the downside and lighter during the bounces.
The Time Factor in Triangles
One final factor to be considered on the subject of triangles is that of the time dimension. The triangle is considered an intermediate pattern, meaning that it usually takes longer than a month to form, but generally less than three months.
Bitcoin bottom = $3,400
GBPTRY: Triangle sequence showing sell towards 6.5100.The pair has been trading on a strong 1W downtrend (Highs/Lows = -0.4121, B/BP = -0.5351) that recently appears to be slowing down. This may be an indication of a support on the 1W level (6.2070 - 6.5610). However a sequence of repetitive Triangle patterns illustrates that at least a -3.54% decline is expected to follow the completion of the most recent Triangle. This puts our short TP at 6.5100.
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USDTRY: Is it breaking higher?The pair broke the 1D Channel Down (RSI = 52.138, Highs/Lows = 0.0416) and entered neutral condition for the first time since early September. If the 5.54000 Resistance is crossed then it reenters into bullish territory and should look for 5.87030 at least.
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EURTRY Bull FlagLooks like a very decent and stable bull flag here, so it is worth the risk. I am going to get in with half a size here and increase it to a normal size if we get a break out.
USDTRY Falling Wedge Breakout is Imminent - Long Term IdeaUSDTRY has a falling wedge formation on the weekly chart. If this week closes above 5.31 falling wedge breakout will be confirmed.
Stoch RSI is extremely oversold on the weekly chart. Tom Demark count gave a red 9 and counted extra 3 bars.
In upcoming weeks I expect a bullish rally to start.
Here is my long term trading idea:
Long at: 5.26 - 5.31
Take profit at: 5.43 - 5.75 - 5.82
Stop loss: 5.04
***This information is not a recommendation to buy or sell. It is to be used for educational purposes only.***
TRY - JPY - Short Great RRJust looking at some not so normal pairs and spotted this. Great long term play here, can play all the way down. Stop is clear to see, goo RR. Can be played with margin @ bit.ly
USDTRY could hit 6+ and then there are two optionsBlue labels indicate that the correction is over within WXYXZ triple three corrective structure and we can retest the former top above TRY 7.
White labels imply longer consolidation within WXY double three pattern with retesting of former low before the final devaluation.
Both maps show that lira could weaken to 6+ level first.
USDTRY - Get Ready For A Bullish BreakoutUSDTRY counted red 9 according to Tom Demark count. After red 9 we expect a trend reversal. Weekly Stoch RSI is at historically low levels. Bollinger Bands are very narrow at the daily chart. I expect a bullish breakout within this month. Major resistance areas are: 5.33 (daily MA20), 5.43 (fib 0.5) and 5.72 (weekly MA20). Major support is at: 5.05 (fib 0.618)
Here is my long term trading idea:
Long at: 5.20-5.22
Take profit levels: 5.30 - 5.41 - 5.70
Stop loss: 5.00
TRY/JPY 1H Chart: Medium-term channel in sightThe Turkish Lira has been driven by a strong upside momentum against the Japanese Yen since the middle of August, and thus sending the currency pair to the weekly R2 at the 21.94 mark.
As apparent on the chart, the pair is testing the upper boundary of the medium-term ascending channel near 22.10. Given that the exchange rate is being supported by the 55– and 100-hour SMAs, it is expected that a breakout north occurs in the nearest future.
However, if given channel holds, it is likely that a reversal south occurs soon. Important support level to look out is the 200-hour SMA, currently located at 21.05.
EUR/TRY 1H Chart: Downside potentialDownside risks have dominated the EUR/TRY currency pair since the beginning of September. This movement has been bounded in a descending channel.
Currently, the exchange rate is testing the support level formed dy a combination of the weekly S2 and the monthly S1 near 5.9200. Given that the currency pair is being pressured by the 55-, 100– and 200-hour SMAs, it is expected that the general direction is expected to remain south. A potential downside target is the monthly S2 at the 5.5874 mark.
It is the unlikely case that some bullish pressure still prevails in the market, the Euro should not exceed the upper channel line located in the 5.8500/6.000 range.
TRY/JPY - Incoming DropTRY/JPY is currently weak and could potentially break it's bullish support and fall further down.
Place your SL above the high of the current consolidation zone.
To play it safe, one can simply place a Stop Sell order right below the 50 EMA on the 6H chart or simply the current support line to catch the move as it breaks its current support.
I would personally not risk more than 1% on this trade.
Trade safe.
Usd Try Only chart you need5.3 - 5.1 is the target. Go long with 10x leverage. Take profit after a few years
Get rich easy.
Not trading advice.
