Kumowizard
Short

EURNOK - Some pull back is possible from Key Resistance

FX:EURNOK   Euro Fx/Norwegian Krone
24 0 0
I have been chasing EURNOK             almost whole year, sometimes with more luck, sometimes with no luck. In fact it is trading in an extremely wide range.

Daily: Is it a similar pattern to the one seen in July? Spike to 8,50 area, but in closing the daily candle is a huge pinbar. Blow up followed by few days zig-zag, with bulls trying to force it up, then finally down massively again in the range (bulls' capitulation). I wonder if it will be the same this time or not. Anyway, I don't like this short NOK             because of Oil             is dropping idea. Then why CADNOK is still going up? Norway is the only real AAA rated country left. They have no debt at all, but has huge reserves.
Anyway Ichimoku is bullish now,maybe Slow Stoch is some indication for a possible pull back. But with major shorts we have to wait minimum until Kijun Sen picks up, like it did in August.

4 Hrs: Setup is still rather bullish , but Tenkan/Kijun made a weak bearish cross, Senkou B is flattenning out and Chikou Span hit Price wall. Slow Stoch has some negative divergence and is crossing down again. Price is in between Tenkan and Kijun. I think from this setup we can see a pull back to short term equilibrium, or to 100 WMA and the trendline, so to appr. 8,30-8,31.
If you check this 8,30-8,31 level on daily chart , that is/will be the level of Kijun Sen and Senkou B, so a retest there is not impossible. What happens nex, that we don't know. I will give you updates in time.

Trade idea: Sell 0,5 trade unit, stop at 8,4250-8,4300, or depending on your loss tolerance and money management strategy. Counter trend trade in larger position size is recommended only in case of a bearish Kumo breakout, or at break of 100 WMA and trendline.
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