Possible Fibonacci Channel in which the price is about to clash with support. Incase of a break under 2.88, it would be unwise to hold a long possition until proper support were to be met
USDTRY 4H SELL AND BUY SETUP POSSIBLE GARTLEY PATTERN
My Idea (More-so speculation) on what might possibly occur based on the short - mid term. Short Limit 2.9950, Stop- Loss: 3.00600. Take-Profit: Meh? Indecisive. If 3.0050 is broken, Buy Stop: SL: 2.97, TP: 3.0550
I believe that USDTRY will remain strong and most likely will go back to an uptrend next week...
In descending triangle, perhaps wait for confirmation with MACD crossover before buying. Overnight premium is very attractive.
Thoughts on Chart. Although after a period of consolidation the price can go either direction, my bets are on a move down. Here are the reasons. 1. MACD crossover. 2. Downwards trending 100 MA. 3. All factors that have damaged the price have already been factored in. Unless war breaks out, I'd say a drop is likely. 4. Buying Turkish Lira pays very well. Great...
USDTRY is nearing Large Supports (2.91 - 2.88) and Resistances (3.00 and 3.06). It is inevitable that it will eventually break out, but to which direction? USDTRY has been in a Longterm Uptrend for years now, and if the support is broken, it may jeopardize this trend and lead to the downfall of this currency pair. I believe that gramci_2's Pitchfork concept ...