The price has broken main support and is currently under correction (inverted flag). It gave us great opportunity to enter shorts positions when price touches the top line or (safer way) put sell stop below correction structure - 7.8650. TP 7.6500, 7.3500 .
Long term expecting price to make it to 618 fib. prices have failed to push any higher which leads me to believe the dollar is weakening against NOK.
Idea: I am expecting the long to have reached its maximum price limit at 8.51719 with a possible extension to 8.60216. Cons: The bottom has to hold at 8.31157.
I think it is better than EURNOK.. I wait it breakout and then open order.
DXY retraced 61,8% from recent highs and touched the lower end of the ''trading-channel'' since the top, which favours a possible bounce from recent levels. In that matter, we have seen some traction on USD pairs, such as USDNOK and USDCAD reacting upwards today. In that matter, this setup offers a long setup with a fair risk/reward ration. Long from current...
The bearish breakdown from the symmetrical triangle pattern if confirmed on a daily closing basis would open doors for a sell-off to 8.1753, 7.945 levels. The RSI is perfectly positioned below 50.00 levels in favor of the bears.
Here is my quick scan of the market. Of course please don't just buy in Long/Short just because strength shows overbought/oversold. There is always more room to 0 or 100. 1Day: AUDCHF - 26 RSI USDCHF - 29 RSI USDSGD - 28 RSI USDDKK - 26RSI Honorable mentions: USDPLN - 30 RSI Rising ATR NZDCHF - 30 RSI USDNOK - 31 RSI High ATR EURNZD - 75 RSI EURSEK - 72...
Keep an eye on this level for support. Expecting an upside to ~8.48
As mentioned last week, we did not have any clear direction and the pair reflects high volatility for time being. However, we have due to French election touched the upper trendline since the highs in 2016 and now reacted down. From a weekly timeframe, a weekly close below 8,60-8,58 would suggest some kind of retracement, where support is found at 8,40 and lows...
FX:USDNOK Safe Trades;
Since the lows in february this year, the trend has been upwards with higher highs and higher lows. But recent top above 8,65 came with a negativ divergence and now we might face a possible trend-change. However, the level around 8,52-8,50 should be key for the next big move in USDNOK. Failure to hold this level, we will confirm a new counter trend with lower...
There's an opportunity to have wave of 5, so we could have a new high soon
Trade idea might become call option. Thanks ! :) Use at own risk mates NOT PROFESSIONAL
Not the best demand zone, so I will enter with confirmation not limit order.
I was reading over the weekend and really trying to understand how to identify inner waves of the larger Wave to get a better idea of structure inside of waves. Another area of learning for me was the correction waves, going over simple and complex and that brings me to this example here. As we are coming off a large 5- Wave completion, we got a ABC correction...