EURTRY benefit from swapsThere are a lot of reasons why buying TRY OANDA:EURTRY is a good idea but to benefit from the interest rate is by far the best reason. Trying to get a foothold using the smaller TF's like m15 en h1.
EURTRY trade ideas
Price Moving back to Support on The EURTRYLast post: June 2nd. See chart .
Review: Price had bounced off support and the bulls were looking strong again.
Update: The bull revival was short-lived and the bears are now taking price back to support.
Conclusion: We would like to see a reversal chart pattern and for the bull trend to continue. Patience needed for now.
Any comments or questions, do not hesitate to leave them below. Give us the thumbs up if you share our sentiments!
Sublime Trading
EUR/TRY Multi Time Frame In Depth Analysis.If you are interested in correct application/education of TA and incorporating different time frames as well as methods in your own analysis read on.A comprehensive but simple approach once it is clearly understand and uncover what is unfolding with EUR/TRY in the short,intermediate and long terms.Pair will be analysed in different time frames(monthly weekly etc as well as time frames in any single given chart)in order to set the framework/road map going forward. This application of utilising multi time frames and incorporating various TA methods is necessary from a point of view of short term ( days/weeks) to long term (weeks/months). We must let the price tell us not only what may unfold in the short term but also in intermediate and long terms. It is what I call classical TA analysis which also incorporates legendary trader/analyst Richard Wyckoff's teachings.Rather than doing new posts, there will be updates of this post, if and when there are significant developments such as the one now.
Focus will be reading the price and volume interaction with the price and identifying a potential change in behaviour. Following quote from Mr Wyckoff which has a a significant message to the traders/analysts like us. "Everything that market does today must be compared with what it did before". We will pinpoint developments to this effect and drill them down.
Only purpose of this analysis is for educational purposes but nothing else which must also be noted.
To the point now.
Long time frame monthly chart to start with will be followed weekly and daily and where necessary hourly or even lower.
What is the trend situation here ? Long,intermediate and short term trends ? All up. How does a trend reversal of the short term can/may effect intermediate and long terms ? Change starts with single bars which are representative of short term trend on any given chart ( learn Dow Theory) and has a follow-through effect on the next higher time frame. Why bother with monthly ? We are looking for a price behaviour which may have a ripple effect on the weekly. So far is there one ? My word there is. Potential CLIMAX/EXHAUSTION at the last bar .Look at the range of that bar and compare it with any prior up bar as per Mr Wyckoff's quote above which may give us the clue.
This is it as far as the monthly goes (for now anyway). Yes reading as SINGLE BAR and get ready for the weekly chart where we will drill it down further .
Stay tuned....
Elliott Wave Analysis: EURTRY Clearly With Room For More UpsideHello traders! Let's learn something.
FX:EURTRY has been trading bullish for some time, but at the end of May slowed down, clearly in a three-wave A-B-C correction with the same length of waves A=C, which are actually ideal three waves down in EW theory for a regular correction.
As we know, in EW, five waves indicate direction of a trend and EW also says that after every fives, a three-wave correction follows. If we take a look at chart, we can see really nice five waves up from 5.1759 lows and also slow three waves down, which means that we are trading near ideal support zone for a bounce between 50% - 61,8% Fibonacci retracement in a 5.28-5.34 area. Even if goes lower, we will remain bullish, as long as it's trading above 5.1759 invalidation level.
At the moment it doesn't matter, if it's going up in wave C or 3, we are always looking for a minimum expectation of three waves A-B-C or 1-2-3, so 5.63 is our first target, but if from any reason goes much more impulsive, then next target can be also 5.81 for wave 3.
The EURTRY Finding Strength AgainLast post: May 23rd. See chart.
Review: The bulls were very much in control of the market when post went up.
Update: Price saw a total intraday reversal which led to a pullback to pivot support. Price is now bouncing off from this level.
Conclusion: Standing aside until the resistance high of May is cleared when we look to add more long trades.
Any comments or questions, do not hesitate to leave them below. Give us the thumbs up if you share our sentiments!
Sublime Trading
EURTRY LONG Subdivision of Impulse Wave still Indicate 3rd Rally Wave.
Bulllish Long, As the vicious selloff has already taken place
in the Intermediate, Minor, and Minute Time frames.
Lookout for the Rally Set to continue Until Wave 3.
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.
The Bulls Continue To Rule on The EURTRYLast post: May 20th. See chart .
Review: A breakout was required to suggest a trend continuation.
Update: A breakout followed was confirmed and further bullish moves have taken place.
Conclusion: A move towards 6.0000 with further opportunities to compound is now probable.
Any comments or questions, do not hesitate to leave them below. Hit agree if you share our sentiments!
Sublime Trading
A Bull Trend Continuation on The EURTRYLast post: May 13th. See chart .
Review: A break and close above April resistance was required to confirm a trend continuation of the bull trend.
Update: The breakout took place, offering a long entry, and a new resistance high has been created.
Conclusion: Patience needed until the current May resistance becomes support.
Any comments or questions, do not hesitate to leave them below. Hit agree if you share our sentiments!
Sublime Trading
EURTRYThe important thing is not to be smart, but to use it in the right place and on time ... RENE DESCARTES
My Analyzes are not Investment Recommendations My Personal Studies
The EURTRY Close to a BreakoutLast post: April 23rd. See chart .
Review: Price had pulled back to round number 5.0000 support.
Update: Price has bounced off 5.0000 support. Would like to see price break and close above April high.
Conclusion: Patience needed until the break and close has been confirmed.
Any comments or questions, do not hesitate to leave them below. Hit agree if you share our sentiments!
Sublime Trading
DOUBLE TOP ENGULFING EURTRYIt has finally double topped, and it looks like it will start moving down, maybe after another day or two. However, it has formed an engulfing bearish candle so we'll see.
EURTRY ShortThe uptrend from late last week has been broken. It was actually broken last Friday before the market closed. Hard rejection from a previous and we've also produced a nice head and shoulders pattern. I'm short on EURTRY and will take profit in the 4.96-4.94 area.
Best of luck trading and as always, please comment your opinions below.
Thank you!
