USD/TRY: an incredible pair.
I see so much is spent talking about EUR/USD...
but I would like to introduce a currency pair that is
completely out of the popularity contest:
US Dollar - Turkish Lira.
Just to give you an idea, this screenshot shows
you the monthly candles in the last few months:
Since the beginning of October this pair has ripped up
to bag an incredible, unbelievable, mind-blowing
NINE THOUSAND PIPS.
The average daily rallies in this pair are
The negative rollover on buying does not
apply if you trade it intraday, and if you do
trade outside the European open (7am GMT)
then spreads can be high, typically 40 - 60 pips,
but some of the rallies happen in the Asian-European
hours transition... With moves of that magnitude,
it matters little if you pay a higher spread, because the
rewards more than make up for the trade cost.
Trading it with FXCM, as I am, you will then get a spread
down to about 10 pips as the European hours liquidity
kicks in, and may catch further rallies.
I have lost some money on this pair in December as
price chopped around, and also this week trying to
short the pair... I am learning to trend-trade again,
and this is a great pair to practise on...
Today alone I made about 1,100 Pounds trading
between 5am and 5.30am GMT...
Handled carefully, this pair is one of the best movers in
town and can give you great returns.
Thank you for listening.
Happy Trading and Happy 2017!