Possible Short TRYJPY 4HIn a nutshell:
TRYJPY refused to move above EMA200
Volume dreases at current price Level
Don´t short before the current uptrend line will be broken
This is not an advise it is my personal opinion
TRYJPY trade ideas
The TRYJPY Weakens Further Last post: June 13th. See chart .
Review: Price had bounced off resistance suggesting weakness back in the direction of the bear trend.
Update: Price has continued to weaken but is a distance away from breaking and closing below the pivot support of May.
Conclusion: Applying patience and waiting for price to clear support before placing further short trades.
Any comments or questions, do not hesitate to leave them below. Give us the thumbs up if you share our sentiments!
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Bears Coming in at Resistance on The TRYJPY?Last post: June 11th. See chart .
Review: Price had pulled back to resistance forming a potential double top.
Update: Price has bounced off resistance suggesting weakness but the double top is still to be confirmed.
Conclusion: Continuing to stand aside and manage short positions until the pivot low of May is cleared. Compounds will then be added.
Any comments or questions, do not hesitate to leave them below. Hit agree if you share our sentiments!
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A Potential Double Top on The TRYJPY?Last post: June 2nd. See chart .
Review: The bears had resumed control of the market from resistance but a break below pivot support was needed.
Update: Price has pulled back to the same key resistance which we want to see hold strong and form a potential double top.
Conclusion: A waiting game now as we let price dictate a clear trend direction. The odds are still very much with the bears.
Any comments or questions, do not hesitate to leave them below. Hit agree if you share our sentiments!
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Resistance Holds Strong on The TRYJPYLast post: May 25th. See chart .
Review: Price was continuing to weaken as the bears remained in control of the market.
Update: Price pulled back to resistance and the bears are now back in control with good weakness towards the end of the week.
Conclusion: A break and close below the draw-in pivot support is still required and ideally in the form of a bear flag.
Any comments or questions, do not hesitate to leave them below. Hit agree if you share our sentiments!
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still bullishhi all
long time without any signal
i see trend still bull till closing below trend line started on 12/2014
and maybe correction till 0.03440 thin will continue up again
The TRYJPY Approaching SupportLast post: May 21st. See chart .
Review: Price had broken support and confirmed a bear flag.
Update: Price has continued to weaken. A break and close of Wednesday's support is now needed.
Conclusion: A break and close below support will suggest weakness towards the round number 20.00.
Any comments or questions, do not hesitate to leave them below. Hit agree if you share our sentiments!
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TRYJPY Downward moves continues (Daily)TRYJPY is still making a downward moves since the beginning of May of this year
I am still short on 4 trades
CURRENT POSITIONS
03-MAY 07:13 Short @ 26.304
04-MAY 06:11 Short @ 25.821
09-MAY 06:58 Short @ 25.240
16-MAY 07:48 Short @ 24.671
Trailing stop @ 25.059
The TRYJPY Continues to WeakenLast post: May 16th. See chart .
Review: A continuation of the bear trend was likely with the confirmation of the bear flag.
Update: Price has indeed weakened further with another bear flag a possibility by the end of play today.
Conclusion: Another bear flag will mean further shorting opportunities as price continues to weaken.
Any comments or questions, do not hesitate to leave them below. Hit agree if you share our sentiments!
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TRY/JPY 1H Chart: Pair shows upside potentialThe movement of TRY/JPY has been bounded in an descending channel during the past three weeks. This pattern is a part of a medium-term channel which has prevailed since early 2018.
Given that the pair reversed from the medium-term channel today, traders are expected to see a test of the 25.45 area which is reinforced by the 100– and 200-hour SMAs and the weekly PP.
In terms of downside potential, the nearest support is set by the weekly and monthly S3s circa 24.10, while no other barriers are located nearby. It is unlikely that the pair falls below this 24.00. If such situation occurs, the next target is the 23.00 mark.
Bear Flag Confirmed on The TRYJPYLast post: May 13th. See chart .
Review: Price had pulled back to and was bouncing off resistance.
Update: We were wanting a breakout in the form of a bear flag. 2 more days of weakness means the bear flag has been confirmed.
Conclusion: A bear trend continuation is now likely offering further shorting opportunities.
Any comments or questions, do not hesitate to leave them below. Hit agree if you share our sentiments!
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A Bear Flag on The TRYJPY?Last post: May 10th. See chart .
Review: Price had pulled back to pivot resistance.
Update: Price has bounced off resistance. A bear flag will mean a trend continuation is likely.
Conclusion: Patience needed until the break and close below support has been confirmed.
Any comments or questions, do not hesitate to leave them below. Hit agree if you share our sentiments!
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Pullback to Resistance on The TRYJPYWe last posted on the TRYJPY on March 8th when price had broken and closed below pivot support.
As expected, given 6 days in a row of weakness, price has pulled back to the pivot resistance of March.
We now want to see this level hold strong, for price to bounce back in the direction of the bear trend and break and close below the May pivot support.
Patience needed for now.
Any comments or questions, do not hesitate to leave them below. Hit agree if you share our sentiments!
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The TRYJPY Trading Below Pivot Support We last posted on the TRYJPY yesterday when we were waiting for price to break and close below the April pivot low.
Price, today, has taken this level out and we are now waiting for the close below by the end of the trading day.
This is when support will be confirmed as resistance and when we will look to add more short positions to the one already in play as this break below support is a sign of a trend continuation.
Any comments or questions, do not hesitate to leave them below. Hit agree if you share our sentiments!
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The TRYJPY Close To Breaking Support We last posted on the TRYJPY on April 10th when price was finding immediate support at the pivot low of March. The following bar did break and close below the pivot support this was short-lived. Price spent the latter part of April pulling back to the 50SMA where it found resistance.
The 50SMA is a significant level of support and resistance when price is in a trend and this is a perfect example. It also offers entry points into the trend and so this pullback to the 50SMA and the round number 27.00 resistance cluster would have offered just that, a short entry into the bear trend.
By giving price the space to move, we have stayed in our short trade and we are now looking to add further compounds. We first need to see price break and close below the support level of April that price is currently looking to push through.
If price does dictate the break and close, then we would want to see price continue to weaken in the direction of the bear trend towards the next round number of 20.00.
If the trend continues in the same structure as it did from the start of the year to the end of March, then we are in a fast moving trend structure and that is when breakouts will be the most likely entry points for compounds.
This is looking strong for a trend continuation but we need to apply patience and wait for the break below pivot support to be confirmed before we can place any more short trades.
Any comments or questions, do not hesitate to leave them below. Hit agree if you share our sentiments!
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TRYJPY buy on new uptrendRSI bullish divergence has occurred on this daily chart, and a new RSI uptrend confirmed.
Divergence is in an indication that supply/demand is shifting. Lira is potentially shifting from distribution to accumulation.
Other Lira's currencies are also appreciating and other Yen currencies depreciating.
Target placed at next major level of support.
Stop placed near previous short term low.
Potential risk/reward is good.
To exit, wait for RSI bearish divergence, or 14 moving average (low price) cross, or other Yen or Lira currencies losing momentum.
TRY/JPY 1H Chart: Lira remains near breached channelTRY/JPY has been appreciating in a two-week ascending channel which started when the rate reversed from the senior channel near 25.50.
This bullish sentiment resulted in a breakout of the medium-term channel and the 23.60% Fibonacci retracement at 26.60 during the previous session. However, it is likewise apparent that this two-week strong bullish momentum has allayed considerably this week, thus flashing some bearish signals.
It is likely that the pair remains guided by the 55– and 100-hour SMAs for a brief period of time prior to breaching this support and edging lower. The nearest support is the 200-hour SMA and the weekly PP at 26.37, while a more probable target is the weekly S1 at 25.93.
In case the aforementioned moving averages are not breached, the Lira should target the 38.20% Fibo retracement at 27.30 until early May.
Will The TRYJPY Break Pivot Support?While the other JPY currencies that we have posted about, such as the AUDJPY , the CHFJPY and the USDJPY , continue to pullback or remain firmly in consolidation, the TRYJPY is leading the way for a possible breakout and trend continuation.
We last posted on the TRYJPY on April 4th when price had pulled back to and found resistance at a previous pivot level. Since then, price has weakened further and is now back at the pivot low of March.
This is classic price action movement in a trend. Price does not and will not ever move in a straight line. A trend is made of moves in a direction followed by a pull back to levels of support and resistance before a move back in the direction of the main trend.
The TRYJPY has moved in the right direction according to our previous post but we still need to apply patience and wait for a break and close below the March pivot support and ideally in the form of a bear flag. Flags, as trend traders, are our preferred chart pattern as they offer entry points, confirm a trend continuation and bring linearity to the trend structure.
This will then give us a strong confirmation of a a continuation of the bear trend and when we will look to enter compounds to the short trade we already have in play.
We are close to a setup but we will be standing aside and applying patience until price confirms the breakout.
Any comments or questions, do not hesitate to leave them below. Hit agree if you share our sentiments!
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Weakness on The TRYJPYWe last posted on the TRYJPY on March 19th after price had broken support and triggered our short position.
Since then, price moved further into profit before pulling back to retest the drawn-in pivot resistance. Price has since bounced off this resistance level and is weakening nicely.
However, we need a break and close below the drawn in pivot support level of March to inspire confidence of a continuation of this bear trend price is in.
This is again where patience, something we repeatedly talk about, comes in as patience is rewarded with high-probability entry points into the trend.
Following the breakout, we would then like to see price move towards the next round number of 20 and offer further compounding opportunities.
Any comments or questions, do not hesitate to leave them below. Hit agree if you share our sentiments!
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TRY/JPY 1H Chart: Steady climb in sightThe Turkish Lira keeps sliding lower against the Japanese Yen. The pair has lost around 11.25% since its peak at 30.30 on January 5. A dominant pattern that is guiding the pair from this time is a descending channel.
In terms of this week, the pair has been trading sideways with a slight tendency north. This movement began when the Lira reversed from the aforementioned channel near the 26.80 mark early this week.
It is expected that the Turkish currency continues to move in the current up-wave. This appreciation, however, might become more flat, especially when the rate approaches the 200-hour SMA and the weekly PP circa 27.30. In addition, technical indicators signal that the bearish sentiment should allay, thus allowing the pair to reach the upper channel boundary near 27.40.
In case bears take over the market, a fall below the weekly S1 at 26.60 is unlikely.
TRYJPY Triggered And Moves Into Profit We are very selective of the exotics that we trade. Given the majors and their crosses, there are ample currencies to choose from when the FX market is in trend. On occasion, we do tend to add the odd good looking exotic to the portfolio. The TRY currencies are ones that we do keep an eye on for opportunities as they can trend well.
The TRYJPY is the first exotic to make it into our portfolio for 2018 for the following reasons:
Monthly - Price is trading below the low of 2017 and has been in trend since 2014.
Weekly - Price is trading below the 200SMA and the 50SMA.
Daily - Price is trading below the 200SMA and the 50SMA.
Price spent most of 2017 in consolidation until we saw a break down in November. This was followed by a pullback which took price back into consolidation followed by a further break down at the start of 2018. We have since seen further breakouts to the downside this year and a confirmation of a bear trend.This can be seen in more detail on the daily time frame.
In March, we have seen a new ATL create with price breaking through and retesting the November 2017 low followed by further breakouts. We have had our first position triggered with a small risk and a well placed stop-loss and have subsequent compounds lined up to take advantage of further weakness.
It is very much early days but this currency is showing signs of trending well and handing out good profit. We would like to see weakness to the next support at the round number 20.
As always, we will let our winning trades run. If it reverses, we will cut out for a small loss or no loss depending on when price reverses.
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