USDTRY - CONTINUE SELL
The candle stick patterns provide clues on the state of the market. Hammer (inverted) top (cross) plus evening star, and RSI 93.0 for the weekly does not bode well for the longs.
Sad to say, I remain steadfast in the belief that we will in fact have a collapse downwards. The GANN resistance 14.62 and 14.30 were attracted yesterday, and no doubt placed fears into then mind of people. Run away trucks are never fun to watch and I fully get it.
However, regardless the circumstances, the correction will set in. Do note, that when it comes to this currency pair, we require patience and more importantly do not overtrade. Shorting in very small position sizes to end up a reasonable average. I am sure most of you are aware. Just for guidance sake, assuming shorting since 9.50 (its medium-term view) and low leveraging, at current 13.80 rate we will have reached 1.05x leverage now. So, we are very fine and we can manage it well and have a profit objective of 10-15% at the closing of the positions.
Back to the strategy, SELL 14.25 (unless you did 14.30-14.40 in the spike) and also reduce position at 12.50 and re-sell that above 13.50. Overall profit target 10.25>10.50 for now. Have a great day everyone.
Sad to say, I remain steadfast in the belief that we will in fact have a collapse downwards. The GANN resistance 14.62 and 14.30 were attracted yesterday, and no doubt placed fears into then mind of people. Run away trucks are never fun to watch and I fully get it.
However, regardless the circumstances, the correction will set in. Do note, that when it comes to this currency pair, we require patience and more importantly do not overtrade. Shorting in very small position sizes to end up a reasonable average. I am sure most of you are aware. Just for guidance sake, assuming shorting since 9.50 (its medium-term view) and low leveraging, at current 13.80 rate we will have reached 1.05x leverage now. So, we are very fine and we can manage it well and have a profit objective of 10-15% at the closing of the positions.
Back to the strategy, SELL 14.25 (unless you did 14.30-14.40 in the spike) and also reduce position at 12.50 and re-sell that above 13.50. Overall profit target 10.25>10.50 for now. Have a great day everyone.
Penafian
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