EURTRY trade ideas
EUR/TRY 1H Chart: Fall still expectedEUR/TRY was dominated by bearish momentum following a test of the senior channel near 5.17 on April 11. This movement was constrained in a downward-sloping channel. The pair managed to reduce the trading range within this pattern and breach the combined resistance of the 55–, 100– and 200-hour SMAs and the above channel.
This session marked a strong surge for the EUR/TRY exchange rate which resulted in a test of the 5.00 mark during the day. This up-move has pushed technical indicators in or near the overbought territory. Thus, the following days might mark a bearish reversal. Even more, it is likely that the Euro tries to edge even lower and reach the senior channel located near 4.86/88 before starting a new medium-term surge.
EURTRY waiting for continuation of the uptrendEURTRY is in an uptrend for sure and price is reaching an interesting area, the trendline on the bigger timeframe.
I’m looking to get in around here and I prefer to add positions once price breaks the downward trendline, retests it and price action confirms higher highs and higher lows.
Amazing Times.. Rates %13,50. So lets watch the trend line.
13.50 rates can bring down the trend.
Maybe maybe not.
Lets see..
EURTRYIf Draghi will be successful at talking down EUR this could be a nice pair to trade HIGH CARRY
I'm in at 5.02 with sl at 5.04
The EURTRY Pullback EntryWe last posted on the EURTRY on April 10th when price had broken and closed above a very significant resistance level in the form of the round number 5.0000.
This would have offered a long entry into the bull trend for the more aggressive trader. However, here at Sublime Trading we tend to apply a little patience at certain areas of support and resistance to reduce the possibility of getting caught up in a fake breakout.
The EURTRY has so far behaved how we wanted and that is further moves in the direction of the bull trend followed by a retest of the 5.000 level as support followed by the required candlestick formation.
Given the quality of the setup, we have allocated a small risk, less than 2% to this pullback setup.
We would now like to see price move towards and break and close above the pivot high of April which will be a strong sign of a trend continuation. We would then like to see price move towards 6.0000 and offer further entries to compound.
This is looking strong for a trend continuation of the bull trend.
Any comments or questions, do not hesitate to leave them below. Hit agree if you share our sentiments!
Sublime Trading
EURTRY GOING TO RETEST RESISTANCEEUR/TRY has made a .382 retracement and is looking like it's going to retest resistance.
EUR/TRY 1H Chart: Tended southThe common European currency has been appreciating against the Turkish Lira since early March.
During this time, the pair has moved higher in between the boundaries of a long-term channel. This appreciation allowed the pair to test this senior pattern at 5.18 on April 11. It subsequently edged lower and formed two new junior patterns.
The Euro is currently tangled around the 55– and 100-hour SMAs and the weekly PP circa 5.07. Technical indicators are bullish for the following session, suggesting that the aforementioned many-year high at 5.18 could be approached once again. This level, reinforced by the weekly R1 and the monthly R2, is likely to stand firm.
In the medium term, the pair is expected to maintain its downward-sloping tendency and move towards the bottom boundary of the senior channel in the 4.85/90 territory.
EURTRYFor EDUCATIONAL PURPOSES ONLY. This is not an investment advice.
Longs appear to be on the defensive and exiting their positions. This coupled with new shorts, smelling the parabolic climactic conditions, and what do we get ? Lower Peaks and Lower Troughs. A classic Dow Theory intermediate term trend reversal on hand in this hourly time frame.Control and commitment now in the hands of the bears.
Expectation now to see further lower prices over the next 4 - 8 days, or at best, flat price action behaviour.
Analysis continues at the chart technician....
EURTRYThis analysis is for educational purposes only. It is not an investment advice.
Base count from the 2017 congestion is shown on the chart as a bullish price objective. It is met and slightly exceeded. What is striking me at the moment is the BEARISH DAILY PIVOT of the bar chart ( not shown) as well as the high pole formation of the 3 box PnF chart. Correction is well and truly now in play. At best, we expect congestion/flat price action behaviour at current levels. My view is that further pullback over the next several days is a real scenario with this pair. I will publish a bar char analysis of this pair in the next few days when time permits. EURO deli gonul gibi fazla cosmus, dur artik yeter!
EURTRY pullbackEUR has been pretty bullish for some time and I see opportunity for a good pullback. We had a bullish candle last week and it was followed by a bearish engulfing candle. I see a good retrace opportunity to support.
ENTRY 4.8700
SL: 4.90000
TARGET 1: 4.7200
Depending how this area reacts, I may take some profits and let the trade run or close out if area shows signs to continue upwards.
The EURTRY Closes Above 5.0000We posted on the EURTRY for the first time on Sunday explaining that price had broken out of long term consolidation and was trending nicely towards the major resistance level of 5.0000.
It is at these levels where many would enter short positions trying to pick tops. It is a difficult and inconsistent approach as it involves guess work which often leads to losses. If stops are not being used then this is a hair raising journey that leads to blown accounts.
The smarter approach, and a proven approach, is to apply patience and wait for the trend to break through resistance and close above ( at the end of the trading day) for the resistance to be confirmed as support.
This is the setup we were waiting for as highlighted on our previous post on the EURTRY and our patience has now been rewarded. Price broke and closed above 5.000 at the close of play on Monday.
This is now offering an entry point to go long for the more aggressive trader.
However, given that this is new territory for this currency, the more conservative trader will wait for a trend to be confirmed above this new key support level before placing long trades.
We would now like to see price hold above this level and move towards 6.0000 offering opportunities to compound along its ascent.
Any comments or questions, do not hesitate to leave them below. Hit agree if you share our sentiments!
Sublime Trading
A Possible Break of Key Resistance on The EURTRYFX trading is about understanding which group of currencies are in trend and then narrowing down further to the best looking trend structures within that group.
The mistake that many traders make is having an unhealthy attachment to a single currency like the EURUSD or other instruments such as gold or oil, based on the name, and day trade away over multiple positions a day in search of riches. Little time is given to market conditions and trend structure and often trades are being places in low probability environments. It is an inconsistent, stressful and time consuming approach that usually leads to burn out of the trader or a blown trading account.
By first identifying which group of currencies are in trend (high probability environments) then simply requires holding and compounding a few positions which leads to significant growth of an account over weeks, months and longer. It is a timeless approach with vast benefits.
The TRY currencies are looking interesting. The TRYJPY and the USDTRY have already featured on our TradingView blog. The TRYJPY we are already short on and the USDTRY we are waiting for an entry point to go long.
The EURTRY is also looking very interesting and one we have a keen eye on.
Price broke out of consolidation that dated back to November of last year. Since the breakout, this has trended in a neat and linear fashion to the major round number level of 5.0000.
Given the distance from the breakout to this key resistance level, we chose to stand aside given the lack of appeal of risk to reward.
We are now waiting for price to break and close above 5.0000 before looking to place long trades. The distance from 5.0000 to 6.0000 is far more appealing in terms of reward to our risk and hence worth waiting for the correct set up.
Any comments or questions, do not hesitate to leave them below. Hit agree if you share our sentiments!
Sublime Trading
EURTRY WEDGE TOP TRENDLINE RESISTANCEExpecting a move down, we'll see how far it moves, willing to close trade earlier than target profit.
