Welcome to this analysis on USD/TRY.
USD/TRY has established an uptrend from the 2nd of June till the 17th of June, Since then it has been trading in a tight rectangle range between 6.834 and 6.858 which broke to the upside before the market close last week.
Currently, it looks like it is finding support above the range which can be a sign of continuation of the previous uptrend as long as it holds the 6.850 as support.
The level of resistance above the current price the gap around 6.9 and the next one above that is going to be around 6.94.
This trade idea has 2 rewards to risk ratio if it hits the first target and 5.5 R if it hits the 2nd target.
Good luck trading.
USD/TRY has established an uptrend from the 2nd of June till the 17th of June, Since then it has been trading in a tight rectangle range between 6.834 and 6.858 which broke to the upside before the market close last week.
Currently, it looks like it is finding support above the range which can be a sign of continuation of the previous uptrend as long as it holds the 6.850 as support.
The level of resistance above the current price the gap around 6.9 and the next one above that is going to be around 6.94.
This trade idea has 2 rewards to risk ratio if it hits the first target and 5.5 R if it hits the 2nd target.
Good luck trading.
Comment:
Comment:
it's very choppy lol, seems like it's trying to make another rectangle range. looks like a base on base batter it's usually a sign of continuation.
Trade closed: stop reached
Comment:
-1R
Comment:
Comment:
Targets got hit after we got stopped out. Unfortunately, my timing wasn't on point.