Sublime_Trading
Long

A Possible Break of Key Resistance on The EURTRY

FX:EURTRY   Euro / Turkish Lira
FX trading is about understanding which group of currencies are in trend and then narrowing down further to the best looking trend structures within that group.

The mistake that many traders make is having an unhealthy attachment to a single currency like the EURUSD or other instruments such as gold             or oil             , based on the name, and day trade away over multiple positions a day in search of riches. Little time is given to market conditions and trend structure and often trades are being places in low probability environments. It is an inconsistent, stressful and time consuming approach that usually leads to burn out of the trader or a blown trading account.

By first identifying which group of currencies are in trend (high probability environments) then simply requires holding and compounding a few positions which leads to significant growth of an account over weeks, months and longer. It is a timeless approach with vast benefits.

The TRY currencies are looking interesting. The TRYJPY and the USDTRY have already featured on our TradingView blog. The TRYJPY we are already short on and the USDTRY we are waiting for an entry point to go long.

The EURTRY             is also looking very interesting and one we have a keen eye on.

Price broke out of consolidation that dated back to November of last year. Since the breakout, this has trended in a neat and linear fashion to the major round number level of 5.0000.

Given the distance from the breakout to this key resistance level , we chose to stand aside given the lack of appeal of risk to reward.

We are now waiting for price to break and close above 5.0000 before looking to place long trades. The distance from 5.0000 to 6.0000 is far more appealing in terms of reward to our risk and hence worth waiting for the correct set up.

Any comments or questions, do not hesitate to leave them below. Hit agree if you share our sentiments!

Sublime Trading
EN English (UK)
EN English
EN English (IN)
DE Deutsch
FR Français
ES Español
IT Italiano
PL Polski
SV Svenska
TR Türkçe
RU Русский
PT Português
ID Bahasa Indonesia
MS Bahasa Melayu
TH ภาษาไทย
VI Tiếng Việt
JA 日本語
KO 한국어
ZH 简体中文
ZH 繁體中文
AR العربية
Home Stock Screener Forex Screener Crypto Screener Economic Calendar How It Works Chart Features House Rules Moderators Website & Broker Solutions Widgets Stock Charting Library Feature Request Blog & News FAQ Help & Wiki Twitter
Profile Profile Settings Account and Billing My Support Tickets Contact Support Ideas Published Followers Following Private Messages Chat Sign Out