CFDs and Spread Bets are complex instruments and come with a high risk of losing money rapidly due to leverage. 73.5% of retail investor accounts lose money when trading CFDs and Spread Bets with this provider. You should consider whether you understand how CFDs and Spread Bets work and whether you can afford to take the high risk of losing your money. Please seek independent advice if necessary.
I wanted to bring to your attention a potential trading opportunity for the USDTRY pair.
I’ve been watching this one for a while and price has continued to respect both the upper and lower boundaries of this trading range for the past couple of months. Consider the 4 hour chart below.
USDTRY
A trader has a couple of potential opportunities here, either trade the range or trade a breakout in either direction. Typically, the longer price ranges the more explosive the breakout, so this is definitely worthy of a watch to see what happens next. Often, when price breaks out of an area of support or resistance, it will retrace to the breakout area, potentially offering another trade setup, or an opportunity to add to a position depending on your trading style/strategy.
If price was to break out, a trader could potentially look to take full or partial profits, or move stops to break even around/near the S/R levels shown in the Daily chart below. Notice the gap on the lower support line which if price breaks down should act as a magnet for price. Alternatively, should price break upwards, we should see price approach old highs.
USDTRY Daily
As always, consider risk before placing any trades and have a great weekend, traders.
Risk Disclosure: In addition to the website disclaimer below, the material on this page prepared by Vantage Pty Ltd does not contain a record of our prices or solicitation to trade. All opinions, news, research, tools, prices or other information is provided as general market commentary and marketing communication – not as investment advice. Consequently, any person acting on it does so entirely at their own risk. The expert writers express their personal opinions and will not assume any responsibility whatsoever for the forex trading account of the reader. We always aim for maximum accuracy and timeliness, and Vantage shall not be liable for any loss or damage, consequential or otherwise, which may arise from the use or reliance on this service and its content, inaccurate information or typos. No representation is being made that any results discussed within the report will be achieved, and past performance is not indicative of future performance.
Vantage uses cookies that are essential for our website to work. We also use optional analytical cookies to help us to improve our website and the services, content and ads we provide to you which you can accept or reject here. Please see our Cookies Policy for more information on how we use cookies.