In this article, we will share the real price action trading example for the USDTRY.
When it comes to trade execution you need to read the charts. Indicators will give you a sense of a direction and they could indicate a soon change, key levels and incoming reversals, but the important thing for trade entry and stop loss and target levels are a candlesticks price action.
Recently we published a trade alert for our premium members to trade the USDTRY pair:
“RECOMMENDED SL 4.6200
RECOMMENDED TP 4.9600
USDTRY PENDING BUY STOP ORDER
USDTRY buy stop at 4.7680 Recommended lot size 0.50
Our trading sizes are based on a 50k account. You can adjust the size of the trade in line with your risk. Pending buy stop order for a confirmation of the triangle break.”
Tomorrow our pending buy stop order is triggered and our trade reached the take profit target at 4.9600, after two days with the 2300$ of the profit for 0.50 lot size (half of the standard lot).
By using our top-down trading technical analysis we have identified the key levels which will be your triggers for a trading strategy in this pair upon an important upside break of the continuation triangle.
The trigger candle was an inside bar, inside the circle on the chart. This inside bar gave us the confidence about the triangle upside break and the bullish continuation. We published pending buy stop order just to be sure not to miss the trade, the trigger was a break above the inside bar high at 4.7680 level.
Happy trading! (click on the chart to enlarge it)
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Through time we have developed a very respectable trading strategy which defines Entry, Stop Loss and Take Profit levels with high accuracy and allows you to make position Risk Free. We are publishing 5-10 trade alerts per week via real-time Private twitter feed!
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