GBPUSD potential short term bottom exhaustion. Will load some smaller scales with BE SLs. {image}
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And thats how trend ends are baked. Exhaustion move after prolonged down trend and then swift liquidation on reversal...and the bottom bake. Sold longs for 1.5 R .
{quote} And thats how trend ends are baked. Exhaustion move after prolonged down trend and then swift liquidation on reversal...and the bottom bake. Sold longs for 1.5 R . {image}
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Should add to note, that this is only a very short term bottom bake, due to situation under development in UK is likely to see cable to selloff more over next few days.
(unbaked surprise situation, markets need to do re-pricing)
Putting very light bearish macro view for next days. Will seek for short plays on micro M1 along the direction.
Priority focus Turkish lira. Weirdly enough markets are pricing in Erdogans settling as president as if that wasnt a sure thing yet. On Monday potential huge selloff incoming in TRY when the whole administration of new goverment is announced. Eyes on TRY. Setting here a short term macro play on USDTRY with plotting a likely bottom here with strong volatility shift. {image}
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USDTRY forming huge move and baking macro target. Markets finally digesting the results of elections as expected and previously pointed many times on the thread what is about to come for TRY.
Sold overnight longs for large gains 11 R on total.
Still a high priority focus on momentum plays or large rotations on USDTRY since now it is trading for first time above the barrier of where the rate hikes were initiated, basically erasing any bullish pressure on TRY and opening the 5.000 level.
(binned per thread starter's request) Market bottom rotation trad
