When markets are uncertain and major pairs and ordinary crosses are hard to trade due to whatever cloud that hangs over them - it is time to look elsewhere for trades for a while.
This is one example. NOKJPY has spiked down to make a multi-year-low, but the structure you see on the chart is fighting back. If you trade based upon trend lines you see that there...
Hope everyone enjoyed their weekend, let's get into the charts ready for the week ahead. Here we have JPY/NOK on a Daily chart forming a three drives pattern, as we can see from previous price movement the pair has been trading within a channel.
The three drives pattern is one of my favorites, when trading them it’s important to take a step back and look at...
this volatile pair has been subdued today even with the strong oil/gasoline bounce. I expect a delayed reaction to show up once the political concerns wane.
It looks like it is past due for a pullback. Momentum is flat right now so a standard retracement off highs is not unlikely. My usual strategy is to let is get halfway to TP then put on a trail to lock in gain and let it run if it decides to.
again, slow data feed makes the gap look like a long candle with a flat start. That is my target here for a pullback trade. Once there I will probably go short again since I see more downside potential as well. Option is of course not to counter trend trade and wait a bit.
Happy trading
