Over this year expecting a possible strength shift in GBP. The TRY took a massive hit in the last COUP causing a huge spike in the GBPTRY exchange rate. The long term political instability is likely to continue as it's not the first time this has happened. Exchange rate likely to reach levels seens during that time.
The pair has been trading on a strong 1W downtrend (Highs/Lows = -0.4121, B/BP = -0.5351) that recently appears to be slowing down. This may be an indication of a support on the 1W level (6.2070 - 6.5610). However a sequence of repetitive Triangle patterns illustrates that at least a -3.54% decline is expected to follow the completion of the most recent Triangle....
Up trend on weekly and daily - using the Hoffman strategy I have placed a long order based on the entry price on the chart.
GBPTRY Buy Idea @Daily Demand Zone (5.8466 - 5.7100) Buy Limit: 5.8456 Stop Loss: 5.6982 Take Profit: 6.0539
GBPTRY is possibly on a recurring pattern sequence as seen on the chart, on the broader spectrum of a 1W, 1M Channel Up (RSI > 65.523 on both, even overbought on 1M). Our strategy is to buy every dip within the 4H Rectangle (ADX = 18.434, ATR = 0.0717) in anticipation of the next Channel Up. TP = 6.6467.
GBPTRY Buy Idea @Daily Demand Zone (5.5434 - 5.5129) Buy Limit: 5.5434 Stop Loss: 5.4884 Take Profit: 5.8238
GBPTRY forex cross pair new weekly demand imbalance created around 5.33. Previous weekly demand level created around 5.33 playing out. Longs at new daily and weekly demand zones
GBPTRY has entered a bullish trend and MAs play a role of support structure that keeps the trend in its current direction. Considering MAs, one could also say that there has been a bullish crossing of 150 and 200 MAs. Moreover, since the green vertical line that identifies the beginning of the trend, RSI has never been below the red support line (could be seen on...
This is only a trading capability - no recommendation !!! Buying/Selling or even only watching is always your own responsibility ... .zip (with PDF`s) @ my Google Drive 4XSetUps for next wee - friday close(1482 Cross-Rates) drive.google.com Best regards :) Aaron
GBPTRY 4 Short Support: 4,3150 This is not investment advice
GBPTRY 4H Support: 4.29000 - 4.28000 - 4.27000 This is not investment advice
Follow up on my idea about weak GBP in the last month of 2016: Major GBP pairs (GBP/JPY, GBP/CAD, GBP/NZD, GBP/USD) all experienced decline on Monday, 28 Nov, with most of them hitting resistance levels which are too strong to be broken despite the major GBP increase throughout November. With UK appealing against the court decision on Brexit, GBP could see drop...