USDTRY: Long dollar and yen amidst uncertainty and risk off
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I've compiled the news events that surrounded significant rallies in the USDTRY pair in this chart, as well as analyzed the daily and weekly signals on chart. We can conclude the pair is headed towards 3.14825, to be reached by Sept. 23rd, or sooner. I'd like to enter longs in this pair, using very wide stops initially, and scaling in as the market proves us right.
Technically, we want price to stay above 2.9250 to stay long, but it might retest this level before rallying further.
Price is now against a strong support, and has moved up after hitting it, despite the immediate gap down after the (apparently staged) military coup in Turkey failed, and President Erdogan started a massive witch hunt, incarcerating 6000 people in little time. Investor confidence is bleak, despite the 'stabilization', so, I think it'll be wise to short the Lira for the time being.
Check out my updated track record here: pastebin.com/6CyyqnPT
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Cheers!
Ivan Labrie
Link to Tim West's chatroom: tradingview.com/chat/
We discuss setups like this often there. Feel free to stop by and subscribe to his indicator pack. If you have any questions ask.
Risk disclaimer: My analysis is provided as general market commentary and does not constitute investment advice. I will not accept liability for any loss or damage including, without limitation, to any loss of profit which may arise directly or indirectly from use of or reliance on such information.
Technically, we want price to stay above 2.9250 to stay long, but it might retest this level before rallying further.
Price is now against a strong support, and has moved up after hitting it, despite the immediate gap down after the (apparently staged) military coup in Turkey failed, and President Erdogan started a massive witch hunt, incarcerating 6000 people in little time. Investor confidence is bleak, despite the 'stabilization', so, I think it'll be wise to short the Lira for the time being.
Check out my updated track record here: pastebin.com/6CyyqnPT
If interested in my real time whatsapp alerts and swing trading newsletter, or in personal tuition, contact me privately. I'm offering a considerable discount on a packaged course which includes access to my private trading signals list for a year.
Cheers!
Ivan Labrie
Link to Tim West's chatroom: tradingview.com/chat/
We discuss setups like this often there. Feel free to stop by and subscribe to his indicator pack. If you have any questions ask.
Risk disclaimer: My analysis is provided as general market commentary and does not constitute investment advice. I will not accept liability for any loss or damage including, without limitation, to any loss of profit which may arise directly or indirectly from use of or reliance on such information.
Nota
USDTRY held at support, holding longs. If you were awake when it happened, you could have added to the trade with the same stop.
Nota
Considering the speed of the move, and the decrease in momentum today, you can close 50-75% of the position now.Nota
Closing 75% or even 50% 13 hours ago was a good idea certainly. Wait for now if still in.You may buy back the position you closed with a stop at your previous entry price now too, risking your realized profit only. (and move all stops there)
Nota
You can now close that partial close-reentry position again.
Nota
That's 100 pips.Nota
Dips to support are a buy, let's keep an eye on the pullback.Nota
Approaching the coup key level, might be worth paying attention again.
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