USD/TRY

We have seen a Descending Triangle forming on the currency pair. The Descending Triangle is one of the best triangles to trade with a failure rate less compared to many other triangles. Descending triangle breakout on the upside can be a good sign for continuous pattern and the ratio is also good, but here we have seen the formation is on the upside and the breakout on the downside can be significant and the rewards would be quick compared to upside move.

Recently the pair has closed below the 20 & 50 Day Ema's, as per MA studies that would be a nice trade to take on the short side, we will wait for the breakout from the pattern so that the RR is favourable. Shortfall is seen but waiting would be a great trade.

RSI is following the price, Macd has flatten near 0 so can wait for the MACD to cross below 0 as per MACD its a flat move.

Advice : Enter position if the breakout is seen on either side.

Descending Triangle Forming

Aug 23 2021

1