USDTRY Elliott FLAT and Harmonic BAT PATTERN
TRYUSD (Reverse of USDTRY) Starting from 2014 : There have been 3 similar cycles. All cycles starts with a reverse cup&handle and ends with a sharp fall from the support line that is the bottom of that reverse cup & handle. We are in the 4th cycle now and if it continues like that my prediction is : On January 1st : 1USD = 11 TRY
Because of Turkey Political Risks and Central Bank Movements TRY value is decreasing against USD. Technically 5.83 is the critical level and it should be followed. Short can be tried in there with close stop. If this level breaks long can be open.
there is a definently cup and handle formation which is the very bullish continuation pattern.
Well, chart says it all: 1. No financial advise 2. Couple weeks ago 50 MA crossed 200 MA (Golden Cross) 3. High 6.22 have been taken out by SFP (local top) 4. PA heading down to retest of major "resistance flipped into support" level of 5.75 5. RSI Hidden Bullish Divergence is building (important) I don't care about news, politics, manipulations. Only price...
A textbook trade the previous analysis on usdtry. Showing how easy trading can be sometimes if we are willing to wait for a good setup. As we can see on the left, it respects that big bull flag that i drew a week ago. So we could be closing in on a temp low on the lower time frame. My game plan now is, waiting for a potential inverse H&S with the low in that...
Uptrend on the right broke and the one on the left as well. It is around the breakout zone now which can be a resistance level and there is a chance to see an H&S getting completed here. Since the right shoulder got high, it needs to drop fast to become reliable. So i good risk reward here which i am going to give a try with a small size here and will make it...
After a continues growth of dollar against Turkish Lira in last few days , now we can see a down fall towards 5.87 Sell at 6.02 - 6.03 Take Profit at: 5.8724 Do your trading with proper fund management
As per our technical analaysis, Turkish Lira will get stronger as compare with Dollar so here is a short trade Short / Sell at: 5.8862 Take Profit: 5.7254 Stop Loss: 5.9842
This analysis started from the lows 2 months ago and after a very slow completion of the double bottom, the neckline broke past week and in one sweep it went straight to it's target. It has been moving around a lot since, already made a 50% correction as well, so very dangerous asset to trade now. Many have asked me for an update on this one, so i am going to try,...
In my previous analysis i showed a possible flag pattern could be formed against the resistance of the double bottom neckline. So far that is exactly what happend. On the right we can see the shape of a triangle. All triangles can breakout both ways, but since this one is an ascending which is being formed against a resistance zone , it is more likely to see it...
In my previous analysis i showed a potential double bottom on the daily chart which has been playing out so far. The ideal entry, when the triangle would break on the low side, didn't happen. It simply broke upwards and continued the rally since. However, this rally has been very slow so far. It's not always bad, but at this point it needs to accelerate a big...
Looks like a solid double bottom pattern in the making. On the right we can see a triangle as well. So i am going to wait for a downwards breakout and if we see something like the blue line, i will try a long around the yellow circle, so after the breakout of that channel. Previous analysis:
TRY TURKISH LIRA UPDATE - 4,94 ON 28 DECEMBER