TRYJPY Triggered And Moves Into Profit

FX:TRYJPY   Turkish Lira/Japanese Yen
We are very selective of the exotics that we trade. Given the majors and their crosses, there are ample currencies to choose from when the FX market is in trend. On occasion, we do tend to add the odd good looking exotic to the portfolio. The TRY currencies are ones that we do keep an eye on for opportunities as they can trend well.

The TRYJPY is the first exotic to make it into our portfolio for 2018 for the following reasons:

Monthly - Price is trading below the low of 2017 and has been in trend since 2014.
Weekly - Price is trading below the 200SMA and the 50SMA.
Daily - Price is trading below the 200SMA and the 50SMA.

Price spent most of 2017 in consolidation until we saw a break down in November. This was followed by a pullback which took price back into consolidation followed by a further break down at the start of 2018. We have since seen further breakouts to the downside this year and a confirmation of a bear trend.This can be seen in more detail on the daily time frame.

In March, we have seen a new ATL create with price breaking through and retesting the November 2017 low followed by further breakouts. We have had our first position triggered with a small risk and a well placed stop-loss and have subsequent compounds lined up to take advantage of further weakness.

It is very much early days but this currency is showing signs of trending well and handing out good profit. We would like to see weakness to the next support at the round number 20.

As always, we will let our winning trades run. If it reverses, we will cut out for a small loss or no loss depending on when price reverses.

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