DelyanIvanov

GBP/NOK for Long!

Long
CURRENCYCOM:GBPNOK   GBP/NOK
The chart looks really good, the buyer has strength on the upside and is not loosing it inside the range. The seller however, looses his strength with every touch of the top of the range. Right now the price is good and it is making a mini range on the 1H chart. If this range holds, there could be a possibility for a long continuation after the upcomming GBP Manufacturing CPI news, which are expected to be better than before. However, my risk here is reduced and Sl and TP will be more conservative.
Management around the news needs to be extra careful, because spikes are a possibility! Crude Oil Inventories are coming up later today, but they might not affect this as much.

This is not a financial advice, this is just my analysis, based on price action and my knowledge of the markets. You make investment decisions at your own risk!
Trade closed: stop reached: Trade was closed at SL level. Maybe stop was too tight. Waiting for reaction from the buyer next 4H candle. If there is any there will be an opportunity for long trades.
Trade active: Reenteered the pair with another position for long. TP is the same, but SL is a bit bigger this time. GBP CPI news were better than before, lets see when the market will react to those news.
Trade closed: stop reached: At around 10pm last evening i moved my SL to breakeven. Price triggered it and the trade is closed. I will not be re-entering tihs pair, because the seller showed strength on the way down.
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