USDNOK - Nice short oppotunity before going much higher

We completed an impulsive wave up which might be wave A or 1, in any case it doesn't matter too much as we know we should see price go lower for a wave B or 2.
Price made a clean wave (a) lower and looks like it's making a Flat (= pattern where wave b goes below the beginning of wave a) for wave (b).
Price should find resistance around 8.6700 and turn.
We will sell this around those levels if we can confirm the 5 waves of orange wave c are in (look for divergence between wave 3 & 5).

If price doesn't turn but just keeps on going higher, then we might consider the correction is over and we can look to buy on pullbacks.

Comment:

Good Risk Management is the key to success!
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Ranking system for my trades

Rank 0, 1, 2, 3

0 = risk the most, it's when all stars are aligned, the gods love us. (very rare)
2 = our everyday trade
3 = risk the least, it's our least confident trade but could have a nice ROI if goes well.

Do something like this.
0 = 5% to 1 = 2.5%, 2 = 1%, 3 = 0.5% of your equity.
Change the values as you wish but
I do not recommend risking more than 5%!

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Comment:

This would be a rank 2 trade.

Comment:

Shorting this now.

Comment:

You can close the trade at break-even. And look for a better entry as price seems to be only in a wave 4 for now.