USDTRY is an interesting currency pair. It had a long run upwards and for good investor reasons.
The thing is, it can really be a profitable SELL when it has reached a maximum overbought situation.
My personal view, is the current very overbought RSI, and the move above the BB TOP, provides a strong basis for being short at the current level of 9.6200. The top of the channel is 9.9300, and profit objective is around 8.6700. This would create 10% return on the short position and think this is not a bad strategy to be, plus the positive carry.
Stop-loss 9.9700 and re-enter 10.1200.
The thing is, it can really be a profitable SELL when it has reached a maximum overbought situation.
My personal view, is the current very overbought RSI, and the move above the BB TOP, provides a strong basis for being short at the current level of 9.6200. The top of the channel is 9.9300, and profit objective is around 8.6700. This would create 10% return on the short position and think this is not a bad strategy to be, plus the positive carry.
Stop-loss 9.9700 and re-enter 10.1200.