EURNOK trade ideas
EURNOK New BreakoutA breakout just happened on this pair. I'm only in for a small amount, because EUR has released strong numbers and volume isn't strong. It have been building up cash for over a weak now. But it's a solid breakout, with an exhausted candle yesterday. There is always the chance it might pull back a bit, in US market open, so you could wait. If RSI is diving under 25.0000 I might add to my short position.
EURNOK Weekly Analysis 13-17 FebNice pair if you never looked at it before. Price could break this pattern at any time.
Short EUR/NOK on strong Norwegian fundamentalNorwegian economy looks stronger that economy of EU. Plus strong oil supports NOK. Weekly chart breaks triangle.
EURNOK ReboundIt's rebounding on the fan. EUR is not having a good morning, so a nice add for those that jumped in the last time I had this pair up. For new comers it might be a small entry for you. We are below all ema/ma's, rsi can't make new high. I believe a few coins can me made on this trade.
Indicators show positive divergence -> reduce short positions- Ichimoku setup is bearish. Support zone is 8,94-8,98
- Heikin-Ashi has an interesting message: candle is still bearish without upper wick, buthaDelta and haOscillator both show positive divergence. haOscillator is also above its mid line. These may be early signals of possible momentum loss and start of consolidation / pull back. It is wise to reduce shorts if you have, but no need to cut it all.
- MACD histogram is ticking higher too
Try to re-sell (or sell more) in case of retracement to 8,94+
EURNOK Breakout 3TAPWaited for this to happen for some time now. Hopefully patients will pay off. I have a pretty aggressive short position. Be aware of my stop loss. It is large, but it needs to be over the breakout line so I do not get stopped out if/when stop loss hunt begins. Profit could be bigger than I show, but currently I limit it around 8.83730 which is the last time 200MA had a consolidation. (Zoom out on the chart to see)
EURNOK Norse resistanceEURNOK might not be the most popular pair, but it sure is graphical. Look at this 4TAP formation. You can be sure if that breaks, it will fall like a stone. If not, it might bounce up to a nice long which will eventually find support resistance again at 55MA, if it breaks that we look at resistance at 200MA. Really looking forward to see what eurnok does over the next week.
EURNOK LongEURNOK has hit a resistance level at around 8.929 and I would look for a rebound upwards. There is also a wedge forming which further emphasises the long recommendation.
We can also see an uptrend on CCI and RSI was close to being oversold before it showed some momentum upwards.
I would look for a return to the diagonal trendline as a first target, and a return to around 9.12 as a second target.
TRIANGLE PATTERNWait for breakout from triangle and enter the trade wit target as on chart.
My favourite call is to south as continuation move,
Pattern might need to be redraw as unfolds.
EURNOKThis is a really great time to long the EURNOK. Based upon R&R alone we have a chance in this support zone to play the overthrow on the bottom TL, or play the range back up from support. Either way the risk is very small here so well worth the risk. Stop below the support zone to play it safe. The target on this will only be my first target i think if the top TL breaks we can go much higher. But will wait and see over time.
Sell signal in the rangeAll important signals marked with ellipses.
Please note EURNOK is still trading in a range. For a major trend start it has to break 8,94.
Anyway, the bias is short now.
