USD/TRY - 400 Short Opportunity

USD/TRY still hasn't found a strong support and thus, a move down further below is possible.

Trade geschlossen: Stop wurde erreicht:

3% down.. No big deal, we move on to the next trade! Even though it was somewhat of a good looking position, not the most probable either. For a moment, the pair was calmly going down, sending the wrong signal. But as it's an exotic pair (Not a majorly traded pair) volatility eventually picked up.

Kommentar:

Even though the prices went up, from my analysis, it's too soon for it to completely make a reversal on the long term. And so, we will possibly see further low tests and once a strong support zone has been found, then a long term reversal up higher will present itself.

I will keep this signal updated if any shorting opportunity presents itself.

Kommentar:

USD/TRY isn't able to move up higher and as the 50 ema on the 4 hour is broken, it's going to make a drop. Is this trade the best one one could take? Obviously no. However, from what is currently happening, the next move could be down further below than last time.