Hi all,
On the USDNOK (which is the Norwegian Krone, keep learning guys!) we have a solid entry as soon as the market opens in a few hours.
The visual flow is clearly up and on the 4h and 1h chart there is divergence on the RSI (please see below)
Entry is based on a swing high of exactly 1 year ago in combination with the 61.8% retracement of the recent swing.
Stop below the 38.2% retracement of the upward move since 2015 of last year. Targets are based on structure.
Entry: 8.40
Stop: 8.2585
Target 1: 8.589
Target 2: 8.7295
Target 3: 8.987
Best of luck!
On the USDNOK (which is the Norwegian Krone, keep learning guys!) we have a solid entry as soon as the market opens in a few hours.
The visual flow is clearly up and on the 4h and 1h chart there is divergence on the RSI (please see below)
Entry is based on a swing high of exactly 1 year ago in combination with the 61.8% retracement of the recent swing.
Stop below the 38.2% retracement of the upward move since 2015 of last year. Targets are based on structure.
Entry: 8.40
Stop: 8.2585
Target 1: 8.589
Target 2: 8.7295
Target 3: 8.987
Best of luck!
Trade active
Comment:
Target 1 hit. Took partial profits. Moved stop to just below entry point.
Comment:
Adding more lotsize when price hits back to 8.4050
