TRY Currencies Leading The Way

It is imperative to have a big watch list as a trader. I have talked about this in detail on a previous post on how to manage a watch list like a hawk.

Having a large watch list means being able to pin point exactly where the money is at any period of time and when it leaves, where it leaves to.

2017 has come alive with moves on the TRY currencies. By focusing on only say the EURUSD, which many private traders do, will mean missing out on what could be the start of some very profitable trends.

We often hear that the EURUSD is the most heavily traded currency in the world but if most private traders fail, what does that say about always trading the EURUSD? Do not have attachments. Trade what is in trend and let go and stand aside on what is not. Always move to where the money is.

The image above is that of the monthly time frame of the USDTRY. This first came onto my radar back in December when price had broken out of the consolidation at the round number 3.0000. I mentioned then if we get the break out, price will look to move towards 4.0000. Looking at the monthly time frame, price has done just that.

The weekly time frame above shows that the bias and the trend are very much bullish as price is trading above the weekly 200sma and the TDT proprietary trend filter is green.

The daily time frame above shows the resistance at 3.3000 where I started entering long positions above when broken and have since been strategically compounding. The break and close above 3.6000 is where the momentum to the upside has come in from Friday last week.

A key skill to good trading is understanding how to hold through pullbacks in a trend and understanding what levels of support and resistance price is likely to pullback to. Added to that, another key skill is then identifying the possible end of the pullback and then identifying whether a pullback or a breakout strategy is most appropriate.

Good traders do NOT trade the retracement but instead apply patience and compound in the direction of the major trend.

I am now applying patience and waiting for price to clear 4.0000 after which I will look to compound further.

I will be covering The EURTRY and the TRYJPY in the coming days.

Call To Action

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Training Course

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Location: 17th of February At The Hilton Heathrow. Spaces Limited.

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This includes:

  • Training on technical analysis from a trend trading perspective
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Smart trading!

Zaheer Anwari

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