USDTRY, for which the market have been bearish for a while, is now giving a long opportunity. A buy signal from the area indicated via a yellow oval on chart can be followed at least till the Bearish Gartley pattern is completed. After the Gartley is fully set up short positions according to this harmonic can be evaluated. Since medium term trend is still bearish, this short position can be carried until the next short term trend reversal after reaching the first target, closing half size of the position and taking stop loss to entry level. If this Gartley appears within the next days, 5.36*** should be ok as the stop loss level for short positions.
Comment:
Since we've got confirmation from sub time frames, we can have a long position with low risk. 5.318**, which is the completion level for Gartley pattern can be watched as the target of this buy trade. Good Luck!
Comment:
Comment:
Those who do not want to carry their position through the news time can close their long trades near the break even level now. We will see it after news hour.
Comment:
Our long position has reached its target. Since USD keeps its acceleration nowadays, it can test the resistance channel. I am closing half of the trade and taking the SL to break even level.
I find it over risky to enter a short trade before the "Retail Sales" data announcement. After news release I'll act according to price action. For those who have entered short according to Bearish Gartley targets are indicated below. Just over the resistance channel would be suitable as the SL level.
Good Luck!
I find it over risky to enter a short trade before the "Retail Sales" data announcement. After news release I'll act according to price action. For those who have entered short according to Bearish Gartley targets are indicated below. Just over the resistance channel would be suitable as the SL level.
Good Luck!
Comment:
It looks like our long position - we have closed half of it at the price target - is going to stop at break even level. H1 chart gave reversal signals after the news announcement. Since we already took the profit of at least half of it, we will watch and see.
Price has formed a higher high after we set the profit targets for Gartley. Difference is minor but still I feel more comfortable when I overhaul the price targets. You can find the new targets (with a little difference) on the chart below. Please keep in mind that we NEVER move our stop loss level on the negatif direction.
Price has formed a higher high after we set the profit targets for Gartley. Difference is minor but still I feel more comfortable when I overhaul the price targets. You can find the new targets (with a little difference) on the chart below. Please keep in mind that we NEVER move our stop loss level on the negatif direction.
Comment:
Comment:
We've reached the first profit target. We are closing half of our position and setting the stop loss order to entry level.
Trade closed: stop reached:
Trade closed at break even level before reaching second profit target.
+588 Pips
+588 Pips