EUR TRY
EURTRY Buying OpportunityLooks like EURTRY has finished visit bottom of trendline, so it may be a good idea for buy to the upper of it..
EURTRY: Longs after loss of bearish momentumEURTRY is about to confirm a long entry based on one of the trading strategies we employ, derived from Tim West's methodology. I'll be sending a signal to long to my trading signals clients after today's close. Sellers have already taken positions and it appears there's no one left here to sell. This cross pair presents a nice technical level, and good opportunity to leverage the bearish fundamentals the Turkish lyra has.
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Ivan Labrie
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Risk disclaimer: My analysis is provided as general market commentary and does not constitute investment advice. I will not accept liability for any loss or damage including, without limitation, to any loss of profit which may arise directly or indirectly from use of or reliance0.25% on such information.
EURTRY Long analysisMostly it's going to be similar to USD but USD interest rates important and can change EURTRY
POST FAILED COUP -- LOOK TO SHORT EURTRY, USDTRYI'm not currently set up to trade spot forex, but this just says "short" all over the place, assuming it doesn't totally implode on Asian open tomorrow (it probably will) ... .
I looked at other long Turkey plays (e.g., TUR), but they are unlikely to move much or will recover by the time NY opens.
EURTRY AnalysisWe have tested monthly demand area (3.0824-2.8456) once and then, as we expected we got a nice selling reaction from monthly resistance area (3.4791-3.3764)
Right now, price aciton is telling us that we may break daily supply or weekly demand zone easily by virtue of spending too much time to form both of them. But yet, if price reaches weekly demand zone, i would expect at least price to form some kind of a consolidation before breaking it downwards.
I prefer to sit on my hands and be waiting some newly created opportunities to come up.
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EURTRY bullish signals with bullish fundamentalsThe current political uncertainty in Turkey is what drove that sharp rally in the first place, and the current consolidation is, for me, a signal of momentum build-up that will cause another spike following further uncertainty in the country.
The reason for this is that tourism could be affected, thus causing investors to stay away from the currency, buying stronger currency pairs against it, such as the euro.
EURTRY D Bearish GARTLEY PATTERN @ 3.4470Hi Guys,
This is a bearish GARTLEY Pattern completing at 3.4500 but I will be front-running my orders to make sure I get filled on this trade. The EURTRY has been in an uptrend for a long time now but it hit a level of resistance in back-to-back months late last year. I am expecting that the same level of resistance will hold making for a good sell trade for harmonic confluence.
The stop loss will be placed tightly above above the X leg as this pair has been in an uptrend forever which is used as good resistance in this case. Targets will be at the 38.2% and 61.8% fibonacci levels. IF/WHEN first targets are met, half of the position would be closed for profit and stop loss for the second half of the position will be moved to break-even, ensuring a risk-free trade.
Thank you for your support.
Trade Numbers:
Risk: 1000 pips x 2 = 2000 pips
Reward #1: 1700 pips. R:R = 1:1.70
Reward #2: 2750 pips. R:R = 1:2.75
Plan your trade... Trade your plan.
EURTRY: Interesting long setupWe have an interesting long setup in the EURTRY chart.
Go long if we plot a new high, or on retracement to 3.2131, with stops (for either of the entries) under 3.1914.
Target is initially a test of 3.3052 but we could march higher, and eventually break resistances and hit the higher targets on chart, but for now, it remains as a possibility that needs further empyrical proof to be validated.
If interested in my trading signals, or in personal tuition, contact me privately. I'm offering a considerable discount on a packaged course which includes access to my private trading signals list for a year.
Cheers,
Link to Tim West's chatroom: www.tradingview.com
We discuss setups like this often there. Feel free to stop by and subscribe to his indicator pack. If you have any questions ask.
