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 . Blow up followed by few days , 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 is now,maybe Slow 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 , but Tenkan/Kijun made a weak cross, Senkou B is flattenning out and Chikou Span hit Price wall. Slow 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 and the , so to appr. 8,30-8,31.
If you check this 8,30-8,31 level on , 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 Kumo breakout, or at break of 100 and .