Hello traders. How was your weekend? I hope all is well. Anyway, The confluences have influenced this shorting position. Going back to work tomorrow. I'll be managing both my trades over the week. Have a blessed week.
Im expecting strong upward move just after market. If you see strong bullish candle (5min) buy and target 10.79 or 10.96. If any of 15M candles closes under the SL zone, cutloss your trade. Dont set fix SL, cutloss manually. I wish you good luck.
Weekly:
-ICI pattern.
-Previous resistance is now acting as support aligning with the 61.8.
-Expecting at least a reaction to the upside.
Daily:
-M formation.
-Expecting a retracement at least to the previous zone of support that could be acting as resistance.
4H:
-Inverse H&S pattern.
I think DXY may lose some ground in the next few weeks, to where no one knows
against NOK there seems to be one of the clearest patterns
a descending triangle, confirmed by the volumes on NOK Futures
I expect a clear break below 10.40 and confirmation volumes on the futures, even if on the descending triangle they are not essential
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USDNOK H4 23-10-22:
- Norway is making huge profits replacing Russian gas to EU at elevated prices
- If Dollar is going to weaken, Norwegian Krona should take advantage
- Looking for a to push lower to 10.00 (minimum)
- 10.00 = MS1 = Previous Month Open
- Convincing break and close below BUY-VWAP is confirmation
- Convinsing break above Sell-VWAP is...
USD/NOK
Price have traded outside of the current channel and fell back inside printing a potential blow off top.
Have re-entered 1/3 size on this setup too.
I dont like opening a fresh trade friday afternoon and holding over the weekend.
Idea based on previous thesis.
Entered 1/3rd of my position.
Will enter the remaining 2/3rds of the position IF i am right about the trade.
Hiding my SL above 11.04
USDNOK: Price has been in a uptrend, i am going for a double top/SR play on this one.
1H Closed below SR so 1/3rd of the position is now short.
IF price breaks down from this area i will use fibs from recent high to the new lows and go for a fill at 61.8% fib to add the other part of the position.
The U.S. Dollar vs. the Norwegian Krone. The is the most popular pair to trade Norwegian currency. Oil prices and changes in interest rates greatly influence the Krone. Norway’s economy is highly dependent upon trade with the UK and Euro-Zone thus making it extremely sensitive to changes in those economies.
OANDA
