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USDTRY is approaching strong support in green from Daily so we will be looking for buy setups on lower timeframes.
on H4: USDTRY is forming a channel pattern in red but it is not valid yet so we will be waiting for a third swing high to form around our upper red trendline to consider it our trigger swing. (projection in purple)
Trigger => Waiting for that swing to form and then buy after a momentum candle close above it (gray zone)
Until the buy is activated, USDTRY would be overall bearish and can still dive inside the green support or even break it downward.
And of course, as USDTRY approaches our upper blue resistance / round number 8.00, we will be looking for sell setups.
Good luck!
~Rich
USDTRY is approaching strong support in green from Daily so we will be looking for buy setups on lower timeframes.
on H4: USDTRY is forming a channel pattern in red but it is not valid yet so we will be waiting for a third swing high to form around our upper red trendline to consider it our trigger swing. (projection in purple)
Trigger => Waiting for that swing to form and then buy after a momentum candle close above it (gray zone)
Until the buy is activated, USDTRY would be overall bearish and can still dive inside the green support or even break it downward.
And of course, as USDTRY approaches our upper blue resistance / round number 8.00, we will be looking for sell setups.
Good luck!
~Rich
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www.RichTL.com
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www.t.me/thesignalyst
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