Given that we see an uptrend on the 20 and 10 hourly candle timeframe, and that such candlestick patterns often denote reversals, this may be worth noting.
This is a reversal of the price action on the previous hour, in which price moved down.
This move is a reversal from the hour prior, which saw price move up.
This is the 2nd hour in a row usdtry has seen its price head up.
If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 100 hour timeframe.
Relative to other instruments in the forex asset class, usdtry ranked 18th the previous day in terms of percentage price change.
The clearest trend exists on the 30 day timeframe, which shows price moving up over that time.
Compared to its peers in the forex, usdtry gave its buyers a return that ranked 32nd in terms of percentage change since yesterday.
And for candlestick traders, a special treat: there is a pin bar pattern showing up on the charts as well.
Price action traders may also wish to note that we see a pin bar candlestick pattern on usdtry.