TRYJPY trade ideas
TRYJPYConfirmation candle of an up move and we are in Long. "Buy low, Sell high" meaning. Make use of small time frames when looking to Long and Ready.
Wave 4 in ProgressCorrection of Wave 4 higher degree is in progress despite previous count assumed impulse count.
TRYJPY Breaks ConsolidationUnfortunately the break happened on a Friday. Will be looking to enter this trade next week as I do not want to hold over the weekend in this type of macro environment.
First of all in terms of market structure, we had an uptrend with defined and multiple swings. What we look for. Then we stopped making higher lows and began ranging. We thus have seen 2/3 ways of the only ways all markets move.
This break of the support level was quite strong as indicated by the large red body candle. And, it broke a flip zone level too. We even got a lower bounce pattern which is another confluence.
For next week, I would like to see a retest of the break which would then create a lower high we can work with. That is ideal.
Target will be the flip zone at 18.50.
TRYJPY long term top formation Still not very clear but looks like we got a possible long term top formation here. Broke the support, few failed retests as well. If it’a real, we should see rejection and drop happen at any moment. So in other words, even though there is room to that blue zone, it should actually not even come close any more and simply drop from this very moment.
TRYJPY Double Bottom FormingMaybe not the most popular trade idea given what is occurring with Turkey geopolitically, but a good set up nonetheless.
Been in a downtrend with multiple waves, and we hit a support/flip zone which can be seen by going further back or on the daily chart.
A double bottom indicates a possible exhaustion of the trend as no new lower lows have been made.
I am looking here for a break and close above the 18.54 zone but perhaps 18.60 is better since we take out the previous lower high.
19.10 zone would be the target if we get the break.
TRYJPY1h: Awaiting a break below the consolidation for Bearish continuation.
Turkey has been under pressure from Trump and it seems that the economy will not recover anytime soon.
Note: The currency have been in consolidation for the past 6 months which was a retracement from the sharp down movement from August 2018.
TRYJPYMonthly: Bearish Movement.
Daily: 50% wick fill of weekly Morning Star candles stick and currently price in equilibrium.
1hr:Sell at 18.9180
TRYJPY - 240 - Watch the levelsTrade idea
For now we wait. Although we have ourselves something like an ascending triangle, still, we need a confirmation break through one of the highlighted areas, before examining a further directional move.
The chart is straight forward.
Please see the chart for levels, targets and the scenarios.
Don't forget your stop-loss
TRYJPY (CT then WT)1hr:Buys at 19.06357 TP at 19.16500 and Sell TP at 19.16500 then short TP is at 18.94400
TRYJPYDaily: Broke and closed below support at 18.46333
4hr:Bear flag pattern formed signals bearish movement
1hr:Sells at 18.46333
Short JPYTRYMonthly downtrend, reaching all time low
Weekly downtrend, reaches supply in control. Supply in control tested once before, most probably will penetrate deeper this time round
Daily downtrend, to wait for retracement and short to next demand zone
Elliott Wave DowntrendHypothesis: Supercycle year time frame is downtrend
Wave 3 Supercycle still in progress
Wave 3 Daily should be in progress till end of March or beginning April
Wave 5 of Wave 3 would complete the cycle.
After this supercycle 3, wave 4 shall commence bull.
