In this chart we can clearly see the continuation of the uptrend of USDTRY . The triangle that has been created in the last days has turned into a flag pattern. Expecting a breakout in this chart, we think that a trade with a low risk and high return can be performed.
In case of a breakout a long position can be considered with a Take Profit at 4.7800 - 4.9100 range. Regarding the risk we believe that if the flag pattern breaks in the lower part of the pattern the Stop Loss should be close to the support level to minimize the risk .
WARNING : Consider a stop loss or a close of the position in case that the support break is followed with a full candle closed below the support price.
In case of a breakout a long position can be considered with a Take Profit at 4.7800 - 4.9100 range. Regarding the risk we believe that if the flag pattern breaks in the lower part of the pattern the Stop Loss should be close to the support level to minimize the risk .
WARNING : Consider a stop loss or a close of the position in case that the support break is followed with a full candle closed below the support price.
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TP reached, we recommend that 20-30% of the Position remains open, since its a strong uptrend
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The market went beyond our expectations as a result of the retaliation war going back and forth between US and Turkey. No need to be explained that and amazing profit has been made after the bullish flag breakout . Lets keep up the profits !