EURTRY trade ideas
Fall of Turkish economy We are currently LONG on this pairing, we are basing this on fundamental analysis with the state of the Turkish economy and banks. we are expecting it to break some more records again next week, so it is not to late to enter.
LONG LONGER LONGESTSo, I think we have a little break at Fib Level 2.618.
We have to watch as the pair can go back 1,618.
$EURTRY intervention risk high. Spiral looks prettyEURTRY intervention risk high. Spiral looks pretty
EURTRY Long pullbackBuy on support test after resistance is broken. Target is default Fib extension. Monitor it while it goes.
EURTRY needs some reversionTrying out a new charting technique, but based off of the naked eye, EURTRY looks like it needs to hop down in order to continue its parabolic advance.
EURTRY Buy IdeaEURTRY Buy Idea @Daily Demand Zone (5.11511 - 5.03711)
Buy Limit: 5.11591
Stop Loss: 5.02827
Take Profit: 5.31373
Is it about to drop?I'm a big fan of Gann Square and here is another idea:
Target: 3,83
When: 1.November 2018
Why:
- Arc number 5 was just completed (the last arc got hit), this indicates a descending path ahead.
- It might go a little further hitting the outer arc and a stop loss in this area would be an alternative.
- EW wave theory fits in.
- Local and global fibonacci level + Gann arc gives us the target.
- The peaks are getting more and more steeper, my gut says it will drop anytime soon:P
Note! This is a log scale chart.
EURTRY intradayEURTRY looks fine for an intraday trade. Just riding the waves. Be sure to have multiple profit targets on the way up so you will make sure you get paid.
Trade safely
Erdogan's Victory Can Spell Trouble For Lira BearsAfter a massive fall because of a hike in interest rates in Turkey, EURTRY bulls managed to stage a weak recovery within a corrective channel. I think the channel will be broken to the downside soon.
Good luck,
Ali Sharifazadeh, CFTe
Opportunity to Buy EURTRYI have a really simple strategy that is based on what i trade not how i trade it. I look for assets that have a clear trend and then buy any pullbacks against that trend. This keeps me on the right side of the trade which is the most important thing in trading. I have tried every technical and the truth is they all work when you have chosen the right asset and they all fail when you choose the wrong one. I think that is why traders lose money, they keep trying to use a technical in the wrong place rather than the wrong technical.
EURTRY is in a clear uptrend and has been for some time, I have added an elliot wave count but that is not the main reason for the trade. EW just helps to give a structure to what is happening. Price has made a new high and put in a higher low since its pullback following the Bank of Turkey rate hikes last month. The pressure on the emerging market economies is likely to get worse as the Fed continues its rate hikes, I think the TRY and the MXN are the currencies likely to suffer most from the FED. I am already long USDTRY and USDMXN but am looking to add the EURTRY if it makes a pullback large enough to trade
