USDTRY: Offering interesting downside

25 thg 2, 2016

I'll be monitoring this pair for a short entry soon, if we break the weekly support, and expand the daily range down we might get sufficient reason to get involved on the short side.
The setup is purely technical, I'm not considering Turkish fundamentals but if anyone wants to expand on them, maybe they can shed some light on this setup.
Feel free to leave your comments.
Good luck if taking this trade.

Cheers,

Ivan Labrie.
Time at Mode FX

25 thg 2, 2016

Ghi chú

Looking solid, took a 3 ATR entry first, will add once we get further confirmation. Downside is gigantic.

25 thg 2, 2016

Ghi chú

In case you haven't, check this chart:

Since I posted it, USDTRY effectively topped. I think it's still in play, with a 55% probability at least.

25 thg 2, 2016

Ghi chú

View of the FOMC key support and resistance levels.
If we break down convincingly, huge downside opens up.

25 thg 2, 2016

Giao dịch đang hoạt động

26 thg 2, 2016

Giao dịch được đóng thủ công

Closed manually for -0.15%
I'll wait, not safe to short yet.

3 thg 3, 2016

Ghi chú

Probably safe to short it again.

30 thg 3, 2016

Ghi chú

If you reentered a month ago like I suggested, you'd be in great profit.
Expect a retracement since we hit the first target, but it could just continue marching down.