Kumowizard
Short

A major trendbreak? - 4 years trendline being tested

FX:EURNOK   Euro Fx/Norwegian Krone
85 0 5
First of all I hope you followed this trade idea in last two days on Twitter. Then you are already short in EURNOK             .

If you missed the Tweets, no problem, it is still not too late. I show you why.

Weekly:
- Ichimoku setup is bearish: Price is below Kumo and Kijun, Tenkan/Kijun is bearish , Tenkan and Senkou A point down.
- Ichimoku basic rule of Kumo breakout says the break has to be validated by a lower low on next leg down. That would be around 8,90. This would also mean a clear break of the 4 years major strategic bullish trendline!
- Heikin-Ashi gives a sell signal this week! haDelta and DM_Oscillator dip below zero.
- EWO and MACD are bearish too.

If it breaks down, next bearish targets are 8,50 and 8,35

Daily:
- After some consolidation in the Kumo, and testing 100wma, it clearly turns back to bearish .


I called for this trade back in June-July. I took profit in October, and I was waiting very patiently for the pull back and the consolidation. Yesterday I enterred short again.
OPEC has changed the game, and Norway will be one of the big winners. As I also wrote in my previous posts, the Norwegian economy is very healthy with C/A surplus, no debt, but with already increasing inflation path!

I really believe this can be one of the big trend trades in 2017!

Related Ideas

Ideas Scripts Chart
United States
United Kingdom
India
España
Italia
Brasil
Россия
Türkiye
日本
한국
Home Stock Screener Economic Calendar How It Works Chart Features House Rules Moderators For the WEB Widgets Stock Charting Library Priority Support Feature Request Blog & News FAQ Help & Wiki Twitter
Private Messages Chat Ideas Published Followers Following Priority Support Public Profile Profile Settings Account and Billing Sign Out