GBPNOK Pair is bullish. probability of 02 scenario's one with strong up move if retraced to 0.382 level
With UK in recession and the raising OIL prices (NOK correlation) we get a great trade here. Risk/Reward = 6
Wait for a close above 11.6900 in considering a long position. Candlestick must close above 11.6900 in order to consider a long position. Market conditions currently look good for a potential move upwards. Higher low formed at time mark 19:00 on 1H Time Frame.
First Target is 11.69 (R2). 11.59400 = R1 Trend Line Coordinate is (22-September-14 00.00, 11.60100)
GBPNOK - Bullish BAT Pattern with price confluence near monthly support
Insight ------------- - Rising Oil - Weak GBP - Q4 Recession projection for UK
GBPNOK LONG SETUP -------------------------- - Oil drop due to slow down/recession in China - Better than expected U.K earning - Above TC red line and VWAP - About to break the diagonal Resistance - Cup & Handle formation
GBPNOK $GBPNOK Initial Short. TP and SL on chart. Move SL on TP. After TP2, trail with 0.5ATR step and 1.5ATR offset.
Weekly: * Inv H&S pattern * IC * Previous candle its alining Daily: * BM pattern * IC 4H: * BM pattern * Inv H&S pattern * IC
Monthly: -Price is in a monthly range. -Expecting another touch of the top of the range. Weekly: -Bullish M pattern. -IC. Daily: -Bullish M pattern. -IC. 4H: -Bullish M pattern. -Inverse H&S pattern.
GBPNOK is ready to push up one more time The buying pressure was so strong that GBPNOK could not reach the weekly demand imbalance as we would have wanted and expected. Trading is a waiting game and many times price will not retrace to the price levels you are looking to trade, that?s trading, we just can?t move the markets with the power of our minds!
Price closed below 11.81233. Take Profit at 11.63134. (GBPNOK)
Monthly: -Price is moving in between two monthly levels. Weekly: -Bullish M pattern. Daily: -Bullish M pattern. -IC. 4H: -Inverse H&S pattern.
GBPNOK price closed above 12.14499. Price retested 12.14499 level. Take Profit at 12.41918.