The USDTRY has consistently been using the 20 simple moving as support since breaking out of consolidation
in August and has risen by 11.7% in that time.
Catching this trend near the start would have positioned you well to add compounds along the way.
Recently price experienced a steep fall which would have raised concerns for many traders out there.
But looking at the bigger picture of a bullish trend and identifying the 20sma as a potential support level,
would have reduced the chances of allowing fear to creep in.
The bearish candle we saw on the 9th November closed below the 20sma but found support at the
8.0000 round number.
Now that a potential support zone has been established. We need to see a bounce from this level and
eventually a break and close above the current high at 8.5777.
In the meantime, we will continue to manage our positions which are running in profit.
See below for more information on our trading techniques.
As always, keep it simple, keep it Sublime.
in August and has risen by 11.7% in that time.
Catching this trend near the start would have positioned you well to add compounds along the way.
Recently price experienced a steep fall which would have raised concerns for many traders out there.
But looking at the bigger picture of a bullish trend and identifying the 20sma as a potential support level,
would have reduced the chances of allowing fear to creep in.
The bearish candle we saw on the 9th November closed below the 20sma but found support at the
8.0000 round number.
Now that a potential support zone has been established. We need to see a bounce from this level and
eventually a break and close above the current high at 8.5777.
In the meantime, we will continue to manage our positions which are running in profit.
See below for more information on our trading techniques.
As always, keep it simple, keep it Sublime.
