Head and Shoulder pattern + Bearish candle sticks. Market can reverse from here
The market is following Dow theory + AB=CD + Candle stick Pattern + Fib Retracement. Market is likely to go down
Hello, Friends! After some time of sending us mixed signals EUR/NOK is finally giving us a solid bearish bias And judging by the price action at the lower timeframes The pair is about to go down! SELL! ✅LIKE AND COMMENT MY IDEAS✅
The probability of a bearish move is high due to various confirmation points. First, the price has broken a major trendline, second the price has been retesting the trendline for quite sometime.
EURNOK has formed a nice double top close to the 38.2% fib. Unfortunately I missed the entry to go short, I will try to get into the trade once price retraces to the upside. The target of the short would be another touch of the bottom trendline. We also have a slight bearish convergence on MACD.
Parallel Channel formed on EURNOK Weekly Time Frame. Enter a long position.
Enter at Pivot Point, 50% Retracement. Enter any value between 38% and 50% Retracement.
FX:USDNOK Bias was long, Bought at just the right price, trade closed intentionally at 9.70650 (Closed the trade early Because I did not like my entry) , also my lot size was too big for a single trade, was on the process of adjusting my lot size to 0.05 - 0.1 lot per trade.
Entry Price 10.00570. Expect price to move +1180.0 units.
Insight: -------------------------------------- - Oil clear break above 100 - EUR fundamentally weak - Gas up - Winter is near
Expect EURNOK to decrease 1738.9 units. Horizontal Support and Resistance Level has multiple touches.
Expect EURNOK to decrease 2320.0 units. Price closed below Trend Line.
Accumulation at the bottom broke channel and sold a right shoulder pullback … with alternative bears bars late n the bear moves closing low is a failure and we can anticipate smart money will take the markets signal here n see a push up as a measure move at least with trailing target of 12.5 with a sl of the monthly low. That 30k pip target with 125sl.
I think that the EURNOK will go up significantly because of the confirmation pattern. After a few months, the pattern have broken and now the small confirmation pattern is forming. Thus, I have opened the long position on EURNOK