Here's a suggested description for the trade on GBP/NOK for TradingView:
Trade Analysis: GBP/NOK
Symbol: GBP/NOK
Entry Point: 13.30491
Tak Profit: 13.40941
Trade Summary:
The GBP/NOK pair presents an intriguing opportunity with a expected entry point again at 13.30491.The maximum value projection at 13.40941,
Careful risk management and vigilant observation...
Previous support found at the 50 Moving Average and is indicating a possible Swing up.
Be prepared for a retest and failure and a continuation of recent down move to find next support level
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
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
GBPNOK was trending in a bearish trend with a long held bullish divergence. Divergence has been played and it has broken above the LH indicating start of new Bull Trend.
I have selected eurnok short to 11.515 to 11.260 areas but I also predict gbpnok to sharply drop especially after the 7am today forecasts on retail which are expected to be down.
GBPNOK - After bearish trend market goes on accumulation phase and then break and again price goes down to print new LL at 12.89786 and move upward upto 12.98993 and print hanging man which signaled LH printed and price again goes down to break previous LL and may printed new Lower highs and lower lows.
A bearish trend seems to be weaker as bullish divergence on RSI is printing on GBPNOK 1 hour time frame, that's shows the possibility of trend reversal.
If previous LH breaks, I would suggest to take a long entry. that can be a good trade.
if you guys are agree to my idea, follow my trade plan.
trade safe!
This pair ran up above Monthly Resistance.
I cant show everything in my mobile chart but this is at a sell area.
Please wait for a sell signal before pushing the sell button.
A good trend indicator will give you a good sell signal on the time frame you like to enter on.
This is a long term signal for me
