TRY
USDTRY Bearish divergence Bearish divergence on the RSI and last day closed with a bearish candle, heavy pullback imminent.
USDTRY Short OpportunityThis is a high risk, pure price action trade that I am taking. Purple boxes are potential buyback and long zones.
Consolidation before further uptrend. Buy on dips. Long.GBPTRY is possibly on a recurring pattern sequence as seen on the chart, on the broader spectrum of a 1W, 1M Channel Up (RSI > 65.523 on both, even overbought on 1M). Our strategy is to buy every dip within the 4H Rectangle (ADX = 18.434, ATR = 0.0717) in anticipation of the next Channel Up. TP = 6.6467.
USDTRY TURKISH LIRA Possible Elliott Wave count!Just update to a previous posting for USDTRY Elliott Wave count.
USD TRY Bullish Flag Formation Possible BUY / SELL positions for USD/TRY. This is not a trade advice, do trade by your own will and check chart regularly.
A great opportunity to buy in Turkish Lira. keep your eye on it.Midterm Forecast:
The current trend is uptrend and the forecast is the continuation of uptrend.
Technical analysis:
While the RSI uptrend #1 is not broken, bullish wave in price would continue.
Price is below WEMA21, if price rises more, this line can act as a dynamic resistance against more gains.
Relative strength index (RSI) is 51.
Trading suggestion:
There is a possibility of temporary retracement to suggested Buy Zone (4.4600 to 4.3200). if so, we would set orders based on Daily-Trading-Opportunities and expect to reach short-term targets.
Beginning of entry zone (4.4600)
Ending of entry zone (4.3200)
Entry signal:
Signal to enter the market occurs when the price comes to "Buy zone" then forms one of the reversal patterns, whether "Bullish Engulfing" , "Hammer" or "Valley" , in other words,
NO entry signal when the price comes to the zone BUT after any of reversal patterns is formed in the zone.
To learn more about "Entry signal" and the special version of our "Price Action" strategy FOLLOW our lessons:
Take Profits:
TP1= @ 4.5545
TP2= @ 4.6770
TP3= @ 4.8035
TP4= @ 4.9225
TP5= @ 5.0000
TP6= Free
A great opportunity to buy in Turkish Lira. keep your eye on it.Midterm Forecast:
The current trend is uptrend and the forecast is the continuation of uptrend.
Technical analysis:
While the RSI uptrend #1 is not broken, bullish wave in price would continue.
Price is below WEMA21, if price rises more, this line can act as a dynamic resistance against more gains.
Relative strength index (RSI) is 51.
Trading suggestion:
There is a possibility of temporary retracement to suggested Buy Zone (4.4600 to 4.3200). if so, we would set orders based on Daily-Trading-Opportunities and expect to reach short-term targets.
Beginning of entry zone (4.4600)
Ending of entry zone (4.3200)
Entry signal:
Signal to enter the market occurs when the price comes to "Buy zone" then forms one of the reversal patterns, whether "Bullish Engulfing" , "Hammer" or "Valley" , in other words,
NO entry signal when the price comes to the zone BUT after any of reversal patterns is formed in the zone.
To learn more about "Entry signal" and the special version of our "Price Action" strategy FOLLOW our lessons:
Take Profits:
TP1= @ 4.5545
TP2= @ 4.6770
TP3= @ 4.8035
TP4= @ 4.9225
TP5= @ 5.0000
TP6= Free
USD/TRY 1H Chart: Pair approaches record highThe massive surge of the US Dollar which ended on May 23 was followed by two weeks of decline. As a result, the pair approached the upper boundary of the breached medium-term channel prior to reversing back to the upside.
USD/TRY is gradually approaching its many-year high of 4.90. It is expected that the Greenback continues to edge higher during the following trading days until this level is reached. The monthly R1 is likewise located nearby at 4.95.
However, it should be noted that technical indicators are starting to converge with the price movement on the daily timeframe . Thus, it might still be a few days before the price picks up the bearish sentiment and targets the 55-, 100– and 200-period SMAs on the 1H, 4H and 1D timeframes. The nearest support of importance is the monthly PP at 4.50.
USD/TRY - Trading update 12th of JuneTechnicals nicely lining up .
4.70-4.90 selling pressure expected, with aim down towards 4.45, potentially down to 4.20.
USD/TRY (Flag Formation)I see some bullish divergence on 4h chart for macd and rsi + flag formation.
Buy-in level:
4.35-4.46
Profit Targets:
4.57
4.72
4.92
Stop loss:
4.28
Have a nice weekend,
Berk
USD/TRY 1H Chart: Soon breakout from triangleThe US Dollar spiked significantly against the Turkish Lira late in May as a result of which it surged up to a many-year high of 4.90.
The rate has since edged lower and is now trading in a descending triangle—the upper boundary of this pattern is a downward-sloping trend-line drawn from the aforementioned spike, while support is provided by the 4.45 level. This triangle has reached its maturity; thus a breakout and a subsequent movement in this direction should soon follow.
Longer-term technical indicators are in favour of a fall within the following month, at least. During this time, the downside potential is apparent until the 100-day SMA and the monthly S1 at 4.10. In case of an upside breakout, the Greenback should target the yearly-high at 4.90.
It should be noted that the Turkish Lira is dependent heavily on fundamental aspects; thus, they should also be taken into account when designing a trading strategy.
Since intervention, TRY speculation is less attractivePros
REER based TRY undervaluation: 47%
National Bank stepped in to protect TRY
Key to this position: limited market volatility and risk-on sentiment
It is relatively expensive to short the TRY
Cons
Long-term fundamentals gloomy for Turkey
EUR/TRY 1H Chart: Patterns point to declineThe common European currency has been strengthening against the Turkish Lira for a long period of time. This upside movement gained strength considerably early in May which resulted in a 18.40% surge during these three weeks.
After reaching the 5.73 mark earlier this week, the pair plunged 5% in one hour on May 23 and thus fell down to the upper boundary of the breached one-year channel at 5.32. The Euro has since recovered but has nevertheless failed to reach its previous many-year high of 5.73.
It is likely that bulls exhaust their strong upside momentum within the following sessions and initiate a new decline. A near-term target is the breached channel line, the 200-hour SMA and the monthly R2 at 5.35/30. Subsequently, the pair could edge even lower down to 5.20.
A great opportunity to buy in Turkish Lira. keep your eye on it.DOLLAR/LIRA
Midterm forecast:
The current trend is uptrend and the forecast is continuation of the uptrend.
Technical analysis:
While the RSI resistance #1 at 83 is not broken, the probability of price increase would be too low.
While the RSI uptrend #2 is not broken, bullish wave in price would continue.
Price is above WEMA21, if the price drops more, this line can act as dynamic support against more losses.
Relative strength index (RSI) is 77.
Trading suggestion:
There is a possibility of temporary retracement to suggested Buy Zone (4.3200 to 4.1800). if so, we would set orders based on Daily-Trading-Opportunities and expect to reach short-term targets.
Beginning of entry zone (4.3200)
Ending of entry zone (4.1800)
Entry signal:
Signal to enter the market occurs when the price comes to "Buy zone" then forms one of the reversal patterns, whether "Bullish Engulfing" , "Hammer" or "Valley" , in other words,
NO entry signal when the price comes to the zone BUT after any of reversal patterns is formed in the zone.
To learn more about "Entry signal" and the special version of our "Price Action" strategy FOLLOW our lessons:
Take Profits:
TP1= @ 4.4600
TP2= @ 4.5400
TP3= @ 4.7385
TP4= @ 4.9225
TP5= @ 5.0000
TP6= Free
A great opportunity to buy in Turkish Lira. keep your eye on it.DOLLAR/LIRA
Midterm forecast:
The current trend is uptrend and the forecast is continuation of the uptrend.
Technical analysis:
While the RSI resistance #1 at 83 is not broken, the probability of price increase would be too low.
While the RSI uptrend #2 is not broken, bullish wave in price would continue.
Price is above WEMA21, if the price drops more, this line can act as dynamic support against more losses.
Relative strength index (RSI) is 77.
Trading suggestion:
There is a possibility of temporary retracement to suggested Buy Zone (4.3200 to 4.1800). if so, we would set orders based on Daily-Trading-Opportunities and expect to reach short-term targets.
Beginning of entry zone (4.3200)
Ending of entry zone (4.1800)
Entry signal:
Signal to enter the market occurs when the price comes to "Buy zone" then forms one of the reversal patterns, whether "Bullish Engulfing" , "Hammer" or "Valley" , in other words,
NO entry signal when the price comes to the zone BUT after any of reversal patterns is formed in the zone.
To learn more about "Entry signal" and the special version of our "Price Action" strategy FOLLOW our lessons:
Take Profits:
TP1= @ 4.4600
TP2= @ 4.5400
TP3= @ 4.7385
TP4= @ 4.9225
TP5= @ 5.0000
TP6= Free
USD/TRY 4H Chart: Review after turbulenceThe USD/TRY pair has been mostly affected by the fundamentally economical, damaging reforms of the Turkish government. Moreover, recent events in the Turkish bond market have massively increased volatility.
However, rather incredibly the currency rates sudden decline began in consistency with the long term ascending channel pattern, which represents the surge of the recent months.
In accordance with the pattern, the US Dollar should decline against the Lira until it reaches the support of the channel. It could occur in any way, as the support can be touched by trading downwards, sideways or even going higher.
