fx_shifter

GBPNOK MULIT-TIMEFRAME ANALYSIS & TRADE - DAILY W & WEEKLY ICI

SAXO:GBPNOK   British Pound/Norwegian Krone
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Looking at Monthly we're about to have a cut for short on the EMAs, though we still have a bullish due to MACD above 0. Also looking at Weekly we have an ICI, we already have the impulse and the retracement up to the 0.50 of the fibonacci retracement .

Dropping down to the Daily we have a W pattern forming where we can see a retracement to the neckline or wick of the daily candle and a retest of the structure of previous resistance turns support.

Now on the 4H where we take our entry for the Buy on the neckline or wick of the W formation, though we still have a bullish momentum on this we will wait for the retracement before continuing its uptrend, stop loss is below the low and the take profit is at the fibonacci of the impulse of the W formation. Our entry for the Weekly ICI is on the 0.50 retracement where its also aligned with structure.

Trade Signals

BUY
Entry: 11.5815
Take Profit: 11.7230
Stop Loss: 11.5347

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SELL
Entry: 11.7225
Take Profit: 11.2265
Stop Loss: 11.8204

Good luck!

Trade wisely, please do proper money management.

~FX_SHIFTER

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