Bullish breakout for EUR/TRY.
Hi traders,
wanted to share with you my chart Analysis. The whole first week of February saw EUR/TRY in a down trend, creating a triangle where at the base we have an area of confluence with the trendline formed in the begining of the year (9th of Jan). Week wise and day wise pair is in a long uptrend.
At the beginning of a Friday session (Europe) we saw tweezers bottom/chopsticks candle pattern (on 30min chart) at the area of confluence giving a clear signal of a change in direction of the trend,eating all the shorts on the way - resulting in catapulting of the price up with a text book example of a bullish breakout.
Perfectly following the description of a bullish breakout out of a triangle, price ascended the same amount as the height of the triangle. Price then pulled back to the broken trendline that became the support.
I closed my longs on top of the chart, and will initiate longs for the following weeks, with a good entry. In my opinion we have a begining of a longer term uptrend.
Thank you for reading.
Lukas
wanted to share with you my chart Analysis. The whole first week of February saw EUR/TRY in a down trend, creating a triangle where at the base we have an area of confluence with the trendline formed in the begining of the year (9th of Jan). Week wise and day wise pair is in a long uptrend.
At the beginning of a Friday session (Europe) we saw tweezers bottom/chopsticks candle pattern (on 30min chart) at the area of confluence giving a clear signal of a change in direction of the trend,eating all the shorts on the way - resulting in catapulting of the price up with a text book example of a bullish breakout.
Perfectly following the description of a bullish breakout out of a triangle, price ascended the same amount as the height of the triangle. Price then pulled back to the broken trendline that became the support.
I closed my longs on top of the chart, and will initiate longs for the following weeks, with a good entry. In my opinion we have a begining of a longer term uptrend.
Thank you for reading.
Lukas
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