USD/TRY currency pair has shown a very strong bearish signal and a major trend line on both the weekly chart and the daily chart has been broken thereby giving strength for a bearish trend reversal.
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| USD/TRY WEEKLY CHART ANALYSIS |
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On the weekly chart above, candle stick 1 pieced and closed above the bollinger band upper band and so also candle stick 2 all the way to candle stick 3 which all pieced and closed above the bollinger band upper line which gives a very strong signal of a bearish reversal. Also on the weekly chart, the trend line is broken and the subsequent retest failed to close above the trend line but closed below the trend line.
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| USD/TRY DAILY CHART ANALYSIS |
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| USD/TRY DAILY CHART ANALYSIS |
On the daily chart, the trend line 1 which serves as a support has been broken and retested twice as shown on the daily chart above which is a confirmation of the bearish trend signal.
How to place your trade on this currency pair
Entry Point: 2.13255
Take profit; 2.08074
stop loss: 2.18086
Alternatively if the trend line 2 above on the daily chart gets broken, that will be another scenario, but until then, i will keep you posted.
Please share this signal with your friends on social networks.
Drawing trend lines is one of the few easy techniques that really WORK. Prices respect a trend line, or break through it resulting in a massive move. Drawing good trend lines is the MOST REWARDING skill.
ReplyDeleteThe problem is, as you may have already experienced, too many false breakouts. You see trend lines everywhere, however not all trend lines should be considered. You have to distinguish between STRONG and WEAK trend lines.
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Chart patterns such as "Triangles, Flags and Wedges" are price formations that will provide you with consistent profits.
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