EURTRY trade ideas
Short EURTRYGood day traders,
I´m entering short at current levels after yesterday bearish breakout . SL @ 3.255
I expect a downside leg till 3.15- 3.16 area
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6 Trading Rules :
1. Never add to a losing position .
2. Don´t be the first to buy low and sell high ., and don´t be the last one to exit
3. Think like a fundamentalist, trade like a technician .
4. Keep your analysis simple
5. Start small and increase exposure when trend is confirming your analysis
6. The hard trade is the right trade
Josep Pocalles
Trade of the day. Sell EURTRY on MACD crossoverThoughts on Chart.
Although after a period of consolidation the price can go either direction, my bets are on a move down. Here are the reasons.
1. MACD crossover.
2. Downwards trending 100 MA.
3. All factors that have damaged the price have already been factored in. Unless war breaks out, I'd say a drop is likely.
4. Buying Turkish Lira pays very well. Great overnight swap.
5. Price has seems to hit resistance at 3.35
Perhaps consider shorting once price drops below support at 3.2785
EURTRY daily - analysis and long trade ideaTurkey is involved in a lot of (geo)political, military and terrorism concerns. Despite relative EUR weakening and low oil price, TRY is loosing its strength due to the risks inherent to the country.
On technical daily side, PA is above the cloud. We may see a retracement soon towards the twist and then a rise towards the highest levels of 2015. Impatient traders could initiate a long position now with a TP at 3.367 which is the level defined by the flat Kijun range on Sept/Oct 2015.
EURTRY My first public idea.
Fib time zone + regression trend + sin line + long time upper / lower trends...
EURTRY daily TAThe major pitchfork in the chart is constructed using P00 instead of P0, and seems to describe the market fairly good. The price has finally failed go below .5 LMLH, which allowed the construction of the minor pitchfork. The monthly view for this pair suggested a continuation of the upward motive, however little that continuation might be. Now it seems that a bullish action around the MLs is possible, and the price may target UMLH of the minor pitchfork then. Bullish crossover in Stoch might help confirm that action. As an alternative scenario, the MLs may push the price downwards, in which case the downward move should be assisted by downsloping pitchforks for the target.
EURTRY weekly TAThe level where the upward move has last been halted (around 3.47) was key. It is likely that the market will test the trigger line shown in chart. This will necessitate breaking the LWL1 on which the current leg relies. The bullish motive may continue in the following weeks, hitting the UMLH of the downsloping pitchfork. During that, the Stoch should climb up well, explicating either a hidden bearish divergence or a suppressed bullish momentum. Both scenarios are bearish. But the latest push in the Stoch from the oversold zone has broken old levels, indicating that the final leg has not yet finished. Thus, short-term longs may work as well.
