EURNOK - Trend reversal in progress. Sell 8,30-8,31 retracement

FX:EURNOK   Euro / Norwegian Krone
52 0 1
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.
EN English
EN English (UK)
EN English (IN)
DE Deutsch
FR Français
ES Español
IT Italiano
PL Polski
SV Svenska
TR Türkçe
RU Русский
PT Português
ID Bahasa Indonesia
MS Bahasa Melayu
TH ภาษาไทย
VI Tiếng Việt
JA 日本語
KO 한국어
ZH 简体中文
ZH 繁體中文
AR العربية
Home Stock Screener Forex Signal Finder Cryptocurrency Signal Finder Economic Calendar How It Works Chart Features House Rules Moderators Website & Broker Solutions Widgets Stock Charting Library Feature Request Blog & News FAQ Help & Wiki Twitter
Profile Profile Settings Account and Billing My Support Tickets Contact Support Ideas Published Followers Following Private Messages Chat Sign Out