Trying to make money with long consilidation periods.
Over the past two years, the Norwegian krone has undoubtedly been one of the big losers in the FX market. Not only has it embarrassingly been constantly beaten up even against the EUR and traded at an all-time low, no, since November 2022 it has bottomed vs. ALL G10 currencies. This was hardly surprising as almost all fundamental factors spoke against the NOK....
selling this after a break in the trendline. what do u think?
CHFNOK has formed Bearish Harmonic ABCD Pattern. Stop Loss , Entry price and TP'S have been marked.
CHFNOK is consolidating after a powerful down move. It could be finding support as a base for an up move. A failure of this support could lead to a price freefall to new long term lows.
Higher lows made in previous downtrend. Could be a bullish turning point with a well defined failure of reversal and continuation of downtrend being the downward penetration of the previous pivot low
The 13 EMA has Broken above the 5 EMA on the 4 Hour Time Frame The Fast MA on the Trade Development Index has already broken the 20 implying that the currency pair was over bought Fib Retracement confirms a target to the Short side Take Profit is Derived from Pivots
CHFNOK seems like going again for Bearish Trend as it has broken below recent HL level
The 5 EMA has Broken above the 13 EMA on the 4 Hour Time Frame The Fast MA on the Trade Development Index has already broken the 20 implying that the currency pair was over sold Fib Retracement confirms a target to the Long side Take Profit is Derived from Pivots
CHF/NOK is showing Bearish RSI Divergence and formed a double top pattern. Expecting price to break the support and trend bearish.
Analysis: CHFNOK is currently in a bullish trend. If price comes at Fib level 0.38, we can enter in a long trade. For this trade the stop loss will be at 11.27389 which is the previous higher low level. ------ Trade ------ Chart: CHFNOK Type: Long Entry: 11.34951 Stop Loss: 11.27389 TP1: 11.42513 TP2: 11.50075
The 13 EMA has Broken above the 5 EMA on the 4 Hour Time Frame The Fast MA on the Trade Development Index has already broken the 20 implying that the currency pair was over bought Fib Retracement confirms a target to the Short side Take Profit is Derived from Pivots
probabilities shown short because the price is in resistant area. double top ahead
looks like we are heading to the upside . might consider position trading this for longer term return.
there is double TOP at resistance. it respect strong resistance of 10.72208 Piercing candle form so it give bearish idea
AB=CD, Dow theory, Fib resistance fall between 0.5 - 0.618,
Upon completion of the pattern, it would be wise to look at price action in order to confirm if there are any valid short entries opportunities.