Ashi
USDTRY ShortDue to volatility of this asset, stop loss will be adjusted as the trade progresses.
Shorting USDTRY down to lower levels of structure given the large bearish weekly candle we have to work with and the expectation that this will continue correcting down towards the 5.25000 level.
Short entry at 5.97030
Trading involves risk, do not risk more than you can afford to lose because you are solely responsible for any and all actions taken in the market.
Only noticeable news events this week on the USD listen on an economic calendar are on Wed/Fri due to FOMC Speeches
MCO Tests Trend LineOn August 13 we broke through major support (dotted green line) which triggered a large selloff. August 15th and 16th attempted a break of the long-term trend line (solid green line) much sooner than my prediction, however the price bounced back to the upside off that support. The price is currently testing support levels from mid June. RSI appears to be oversold however momentum could still be to the downside and there is a chance we could retest the long-term trend line.
If you are a strong believer in MCO it appears this is a potentially good price to be long. I am personally going to wait for confirmation of either a double bottom or a daily green Heikin Ashi candle before entering a long position.
This analysis is for education purposes only.
Good luck.
Bitcoin returns bearish, using Heiken Ashi & Ichi Moko CloudsI've discovered a new momentum trading style and liking the simplicity of the Heiken Ashi candle sticks, also starting to use the Ichi Moko Clouds indicator. Very clear signs here as BTC never broke through the cloud on the daily.
Also the Heiken Ashi sticks defs pointed out that the support on the bottom trendline of the large daily symmetrical triangle wouldn't hold. I was waiting for a bounce off that line for an entry... with these new sticks it was clear that bounce wouldn't have happened.
Very new styling, enjoying it atm :)
Aug 10th-15th approaches, interesting days ahead for Bitcoin and the whole market.
This is how will make 240% PROFITI am about to enter the 3/3 wave, which is the most impulsive one.
My target will be at 0.05 ETH per coin.
All in all 240% on my investment. If you want you can join me on this ride.
Thank me later ;)
Heikin Ashi - Weekly BUY - Keep your eyes peeled !Double bottom forming on the weekly chart.
RSI is oversold.
If it follows a similar trend to that in March, aiming for resistance level of 1571.