EURNOK - Trend reversal in progress. Sell 8,30-8,31 retracement
Despite NOK used to be one of my favourite ccys, I have not been paying too much attention to it recently. It was a mistake. I missed this sell setup and short entry two days ago, even though it was so obvious. EUR already sold off on all crosses, except this one. The setup was there, I even realised it in the morning, I just hesitated too much to enter the OCO Sell orders, since I had enough shorts on EURUSD and EURCAD. I thought the break would happen only later during the day and would not be so violant.
But maybe still not too late to catch something here next week!
Daily: Price has been trading below the Kumo, perfectly retested it, followed by rejection. Tenkan/Kijun is about to give us a strong sell signal again. DMI crossed bearish, but ADX is still low. If price breaks lower through 8,22-8,20, then both 8,50 double top and the daily trend reversal will be absolutely confirmed, and we will see a longer bearish trend.
4 Hrs: Obviously massive bearish, but Slow Stoch is oversold. I hope this will bring some pullback to 8,29-8,31 retracement Zone, where we could sell this cross with a good risk reward.
If I enter, I will consider this trade as a long term strategic short. I will have no intention to play swing trades on it, just keep it as a hedge to my portfolios EUR exposure, until the trend will be down. The only thing I will do from time to time, that in case daily Slow Stoch gets into oversold zone and price meets some kind of resistence level, I will write out short dated (1 or 2 weeks) covered Put options.
But maybe still not too late to catch something here next week!
Daily: Price has been trading below the Kumo, perfectly retested it, followed by rejection. Tenkan/Kijun is about to give us a strong sell signal again. DMI crossed bearish, but ADX is still low. If price breaks lower through 8,22-8,20, then both 8,50 double top and the daily trend reversal will be absolutely confirmed, and we will see a longer bearish trend.
4 Hrs: Obviously massive bearish, but Slow Stoch is oversold. I hope this will bring some pullback to 8,29-8,31 retracement Zone, where we could sell this cross with a good risk reward.
If I enter, I will consider this trade as a long term strategic short. I will have no intention to play swing trades on it, just keep it as a hedge to my portfolios EUR exposure, until the trend will be down. The only thing I will do from time to time, that in case daily Slow Stoch gets into oversold zone and price meets some kind of resistence level, I will write out short dated (1 or 2 weeks) covered Put options.