Head & Shoulders in EUR/TRY

I couldn't find any threads about the EUR/TRY cross.

I got a head's up about this cross where it looks like an H&S formation is unfolding combined with bearish divergence. Just wondering if anyone else is looking to sell EUR/TRY in the coming days ???

Well, I guess not :-)

I did take a sell position but took profit in 4.0950 because of the Euro strength late Friday.

From my short in 4.1250 it still netted me a healthy profit of +300 pips

Quite nice

Mostly, I like to keep myself away from such pairs, as spread is bit too much and that causes all issues. However, It’s not just the reason but also that its way too tough to analysis these pairs. I will certainly be following here to see how you take it up. I do read daily market forecast by my broker OctaFX, as they provide it for free. I think such services must be used even if we don’t trade through it in order to perform at best of our ability.

Yeah, I don't normally trade it myself. It was just pointed out to me. I was not aware of the high margin requirement either by my broker so I was eager to get out with a profit. On Wednesday when it jumped back up to 4.13 I was so close to just cut it for -50 pips.

Wow, H&S now completed...

Hey Sophie, just stopping by to say hello, surprised to find your thread here in the commercial forum. Hope all is well in your trading world. Best, FS.