USDNOK: We've been buying for 4 days on close so far...
...but now it looks like the bottom's potentially in. We'd like to see a bar breaking above a previous day high (PDH), whilst not going any lower from here onwards.
Price traced very clear 'Time at Mode' trends, up and down, and gave us precise indications of the direction, speed and targets for each move.
Since we got to a strong weekly support, and almost hit the daily downtrend target, we could see the pair move back up to the downtrend mode at 8.5356, within 2 weeks or less. The downtrend still has until next Tuesday to expire, when it will flash an additional bullish signal, so, be careful if going long. Risking a new daily low is ok for now but I'd rather not use a tight stop yet. (I have no stop, but sized it to risk 0.5% if we drop by one average range from here give or take.
Cheers,
Ivan Labrie.
Price traced very clear 'Time at Mode' trends, up and down, and gave us precise indications of the direction, speed and targets for each move.
Since we got to a strong weekly support, and almost hit the daily downtrend target, we could see the pair move back up to the downtrend mode at 8.5356, within 2 weeks or less. The downtrend still has until next Tuesday to expire, when it will flash an additional bullish signal, so, be careful if going long. Risking a new daily low is ok for now but I'd rather not use a tight stop yet. (I have no stop, but sized it to risk 0.5% if we drop by one average range from here give or take.
Cheers,
Ivan Labrie.
Comment:
I moved my stops to yesterday's low. If it holds, we'll go back up as per the chart.
Comment:
I closed all FX trades for a few days. I will monitor the action, we could still get one more leg down, or simply chop sideways without clear direction, specially in pairs correlated to the Euro and oil.
