vlad.adrian
Long

EURNOK - Double bottom at support

FX:EURNOK   Euro / Norwegian Krone
167 8 6
I have posted a chart a while back saying that EURNOK             is still in an uptrend, you can find the chart in the related section, and the weekly still looks bullish today, as the double top with a bearish divergence looks like it finished playing out .

The daily shows a double bottom at a support zone , with a class B bullish divergence on the MACD lines and histogram.
I expect to see this pair at 8.5 in a few weeks, and I will continue adding to my long position taken 5 days ago.
28.10.2014 closed half of my position
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Hi Vlad.Adrian, since July this year, we believe the trend is lower, as we for now have seen lower highs, although not lower lows as you mentioned a possible double bottom for 8.10 level.

However, we believe EURNOK is going lower as fundamental factors supports a stronger Norwegian krone. As far we don't see a higher high, we will look into more downside on this pair.
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Well, if we wouldn't have different opinions there wouldn't be any trading going on right ? :)
+1 Reply
pmks1 vlad.adrian
Wonderfull answer :-)
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Hi Vlad.Adrian, is it correct to assume your stop would be around the 8.0800?
PS: discovered your account/ideas a few weeks ago and love your work and your style ! :)
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vlad.adrian justindanethan
Hi Justin, yes, that where my stop is. I use soft stops, not hard stops, they just work better for me.
Thank you for your appreciation :)
+1 Reply
It feels like euro is turning around buddy..
+1 Reply
vlad.adrian Technician
Ye, it looks bullish on so many charts...
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