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U.S. Dollar / Turkish Lira

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USDTRY trade ideas

Turkish Lira/ Turkiye Lira in deeper troubleFollowing our previous analysis, the Turkish Lira hit all our take profit points and began to consolidate on our resistance. I believe that traders look to exchange their Lira's for a more stable currency, hopefully one that that is performing better than the Lira before their investments become worthless. We saw the faith of investor in the Lira help boost the Lira, making it the biggest recovery in the forex markets for the year 2021. We've since seen a shift in investor mentality as the bulls pull the USDTRY market on the upside. I now anticipate the USDTRY to continue with it's bullish nature to meet our TP1, TP2, TP3 and eventually a new all time high with the USDTRY above 21 TRY per USD. What are your thoughts on the Lira? Disclaimer NASDAQ Guru offers general trading signals that does not take into consideration your own trading experiences, personal objectives and goals, financial means, or risk tolerance.
Long
by Mezzoforte_Privilege
2
USDTRY-SELL strategyI am updating the strategy now the Monday has started. Further, someone requested me to forecast 1st and 2nd Quarter USDTRY so will try my best. The stochastic is currently negative again, and since we have fundamentally strong SELLING pressure upto 21st January and end of month, the cap is likely well protected 13.77-14.2500. Technically we have never been able to reach much above any of them for a prolonged period of time, and besides 14.00 never was assaulted. This tells a story and we should be taking that into account. For now, I liquidate LONG (in profit in fact), and go short in 13.45-13.75 range. Stop-loss above 14.35 (for safety reasons). My initial objective is 11.80. 1st Quarter: January I expect average 12.50, February 11.50, March 10.75. The low is expected for the 1st Quarter to be 9.75 and the high 13.50. For the 2nd Quarter we may see little higher ranges and I feel we should have an average for April 12.50, May 13.00 and June 14.00. I feel after we have declined to the lows in 1st Quarter, market will condition the rate to move slowly higher. Anyway, let's see how it all develops, and will update if any changes. have a great day everyone.
Short
by peterbokma
5
Turkish Lira USDTRY Don't Try This At Home ⚠️⚠️⚠️⚠️⚠️⚠️⚠️⚠️⚠️Hello Traders , Today I propose an idea that I would like to discuss with you as an equal, it is not a trading signal or advertisement, I simply expose myself as an everyday Illyrian Trader. Back to us and the desire to make money every day,every minute, every second ( comes to mind BINANCE:DOGEUSDT " WoW MuCh MoNeY " ) what do you think of this asset? You seem to see the chart of BINANCE:WINUSDT , BINANCE:SANDUSDT , BINANCE:BTCUSDT , BINANCE:XRPUSDT , BINANCE:ADAUSDT not a forex asset, that people actually use. I didn't go short even though I have relatives in Turkey and actually 2 weeks ago they told me, and I quote: " If the @U*Ki#nG lira continues to fall like this, people will go to the streets and start a revolt " . I should have expected the short, I know. In any case, I will tell you my idea. There are 3 possibilities and it is very difficult for me to be wrong: 1. Reaction on 0.618 fibonacci to go and attack the highs 2.Reaction at 0.786 Fibonacci which also corresponds to the 200 periods MA 3.PoC buy and hold until 0.618 Fibnacci My advice is not to trade this asse t as long as it is so volatile but for experienced traders it is already different.What do you think? There are many great traders here from whom I want to hear an opinion without them trying to sell it or get publicity. By the way, I really liked tradingview's post about those who make analysis only for personal return.
by IllyrianTrader
6
USDTRY-RANGEFor now we have not been able to move beyond 14.00-14.25 and also not below 13.00. It is boxed in and it shows that there is balance within the market. The stochastic as well as MAD are negative right now, because we are not moving higher for the last one week. For that reason am in a range mode and hope to see direction short-term soon. I have been told some days ago and again now, that there will be natural conversion to TRY due to conversion deadlines of foreign currencies to TRY. This will keep the cap in tact due to that. A move beyond 14.25 or below 12.75-13.00 would indicate the direction. The LONG-TERM correction is still a likely 9.00-10.00, but requires to settle in that area for the pressure to be released.
by peterbokma
6
USDTRY- long term SELLThe longer-term picture still has not had its well deserved correction as yet. The high from 18.37 to low 10.00s and back 13-14 range only has reduced the overbought situation, but still its very high. For that reason, for those that trade long-term, SELL strategy between 13.50-16.50 remains the strategy for now. It is expected to see low 9.00s even though fundamentals may tell otherwise, and who knows fundamentals support the new designed method by the government. Let's see how things develop long-term. Short-term range trading for now.
Short
by peterbokma
13
USDTRY - RANGING - small upside bias. The time it takes for a move is like watching paint dry. I am still inclined it will move higher, but stochastic turning slightly and may even go negative, and as you can observe we are completely boxed in between 13.10-13.95 and most activities in the beginning trading at 13.75-13.85 and then we declined suddenly 13.10 and then returned back to 13.50-13.65 range. Not much fun watching it. The Donchian channel does not explain much as well, but we only state from Ichimoku cloud, that we are above the cloud and as long we are, we are in positive territory. For those with patience, BUYING still preferred, but resistance 14.23 needs to be overcome for a large up move. Similarly, below 12.60-11.80 would suggest lower levels. For now I place USDTRY as a range only with small bias to upside. As a note, hearing there was intervention and the currency was capped at 14.00, and further conversion of USD to TRY may explain the story. It is nice of some people who advised me that information. Medium-term - Long Term We stillhave unfinished business on the medium0term to long-term picture. The RSI of the monthly chart is very high and this requires consolidation and correction. That is why the USDTRY is a SELL between 13.50-16.50 for now and the correction is likely to bring it down to 9.0000. I know it is hard to believe, but this is the technical picture for now.
by peterbokma