EURTRY trade ideas
EUR/TRY 1H Chart: Previous forecast at workThe EUR/TRY currency pair breached the falling wedge south. The rate has been trading south and reached the psychological level at 6.25.
Given that the exchange rate is pressured by the 55-, 100– and 200-hour SMAs, the general direction is expected to remain south within the scope of the next week. It is likely that this decline is bounded in a descending channel.
It is the unlikely case that some bullish pressure still prevails in the market, the Euro should not exceed the 200-hour SMA, currently located at 6.4372.
EURTRY short ideaTurkey and America relations do not seem to be growing much in spite of this crisis. A crisis provoked by Trump as the US senatorial elections approach. The cause of this crisis does not seem to be a question of a pastor detained for acting as an agent for America. The evidence provided to the American state does not seem to please because the truth hurts and does not want to admit that this person is an American agent (no state would agree to confess, it is normal). This crisis seems to be rather blackmail against Turkey because it does not want to apply sanctions against Iran. Plus the economic war launched by Trump. There are several factors.
Turkey is questioned about the economy and has announced several changes and economic model. The market does not seem too convinced. However after a few days more than 4000 investors followed closely the conference made by the Minister of Finance.
Turkey has decided to give a lot more funds and help for entrepreneurs and investors. The country seems to want to give a lot more importance to high technologies. Imports will be reduced and exports will be increased. A very big investment from Qatar. Make a lot more savings.
A very likely interest rate increase in the near future that could give much more value to the Turkish lira. That's why my technical analysis is that way.
Money management.
Euro Turkish Lira Long then ShortGoing to try this for a long, it looks like a B wave is to come, targets are fib levels with a stop under the low. Plan is long then short for a bigger play in the coming months.
Time to get to work on Turkey ... again=> Here we are tracking profit taking for shorts after an AB = CD leg in EURTRY
=> Nothing has changed on the macro side in Turkey and we have positive Euro flows starting to enter back into the picture as we start thinking about the unwinding of QE.
=> Our target at 7.34158 is the last daily R before we finished breaking down on this 'CD' leg whilst our stops remain below the lows
=> A break of the channel will trigger stops and should clear targets swiftly.. lets see how this one goes.
=> Good luck
EUR/TRY 1H Chart: Falling wedge in sightThe European common currency has been appreciating against the Turkish Lira for five weeks. This movement has been bounded in a falling wedge.
As apparent on the chart, the exchange rate is trading near the support cluster formed by the 55-, 100–. 200-hour SMAs and the Fibonacci 38.20% retracement in the 6.9843/7.0499 range. It is expected that the pair will breach given support and trade down to the lower wedge line located circa 6.70.
However, if given support cluster holds, a breakout from the pattern could occur and the pair could jump towards the psychological level at 7.3500/7/4000.
EURTRY/USDTRY: Bottom of the rangeEURTRY (and $USDTRY) look to be at the bottom of the range here, and might end up evolving into a trend opportunity over time.
I'm long risking small but with very good risk/reward since the invalidation for this trade is small (a drop under 6.87).
$USDTRY offers the same setup pretty much but I like the crosspair more, slightly better r/r.
Good luck,
Ivan Labrie.
EURTRY / Daily / Technical ChartEURTRY / Daily / Technical Chart
Price is again at the resistance line
EURTRY - Daily - More weakness from the Lira?Trade Alert
EURTRY is currently balancing just slightly above the short-term upside support line, taken from the low of the 16th of August. If that line continues to hold, then we could see further acceleration of the rate, where the 7.6200 level could get tested. If this won't be enough for the bulls, then we could see another attempt to try and hit the 8.0060 barrier, marked by the highs of the 13th and the 30 of August.
On the downside, a break and a close below the aforementioned upside line could invite more bears to the table and the rate could fall to 6.9975. For us to get comfortable with the possibility of further declines, we would need to see a close below the 6.9975 zone, where we could then aim for the 6.4865 level, as the next potential support.
Always have your SL in place.
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Enlighten others
EUR/TRY Next Fib Level Test is likelyLooks like we have a Support/Resistance flip. Expecting next fib extension level to be tested. No confirmation on HTF yet.
tukeys crisis #2had to edit this cause now for me i 100% found the top.
fun fact: at this level erdogan told his folks to exchange everything they own (metals like gold/other currencies) into lira, and now this fuck is shorting his own currency.
suck my dick erdogan.
SELL ALL YOUR LIRA.
EUR/TRY 1H Chart: Upside potential apparentThe Euro has been trading in an ascending channel against the Turkish Lira since the beginning of current week.
As apparent on the chart, the Euro has reached the upper boundary of this pattern. In addition, technical indicators are in favour of bullish scenario. These two factors allow to think that a breakout is due in the nearest future.
Traders should look out for the 0.00% Fiboncacci retracement at the 8.103 mark. In case, this mark is not breached, it is likely that the bearish sentiment takes over the pair.
Fib retracement on EURTRY signals SHORTI think we saw those moves often enough, last time on BTC. Let's short this mofo right now and see if we are lucky. S/L above last highs, or less tight above Fib 0.618
EURTRY Carry Trade opportunityThere is a big opportunity to make profits using carry trading strategy.
If you open short position on EURTRY and hold it for a year, you will gain 15.9% on swaps.(usd account)
Example:
short position eurtry. volume 100k - 1 standard lot.
49.67$ will be paid to your account every time you hold your position overnight. (3 times over weekend).
In one year you will gain 18130$ on swaps.
If you use leverage 1:20. you will gain 218% on your margin (5700$).
Problems with trading EURTRY:
1) huge spread between ask and bid price.
2) market condition. there is a big challenge to find selling point now.
What is 'Carry Trade'
Carry trade is a trading strategy that involves borrowing at a low interest rate and investing in an asset that provides a higher rate of return. A carry trade is typically based on borrowing in a low-interest rate currency and converting the borrowed amount into another currency, with proceeds placed on deposit in the second currency if it offers a higher rate of interest or deploying proceeds into assets – such as stocks, commodities, bonds, or real estate – that are denominated in the second currency. - Investopedia article
