USDNOK
USDNOK - bullish trendWe've got a diagonal triangle in wave {c} of 4, so there's an opportunity to have a bullish impulse in wave {i} of 5
Norway is in play: USDNOKI prefer to be a dollar bull. Therefore I am long NOK against CHF, rather than short USD against NOK.
USDNOK: Still range boundUSDNOK is giving a good chance to enter longs aiming for the Brexit key level above, which is now acting as a magnetic level, pulling price towards it.
The recent drop bottomed and turned around, breaking back above the daily low of the Brexit day, which now serves as a good level to hide our stops and gives us an excuse to go long on dips, or at market if not in it.
We also see that the yearly SMA (252 periods) sits right where the Brexit level does, so it's logical to observe 'mean reversion' here. This trade is a good one to have while holding oil longs too.
Good luck,
Ivan Labrie.
USDNOK. Incredible BAT pattern and over-extended GartleyChek out a mega-BAT pattern which have been developing for almost 15 years! It completed by December last year but there is still a piece of a downtrend which can be taken.
Will short from 8.21 or by market
SL: 8.42
TP: 7.44
Long based on an overextended Gartley:
Entry point: 7.45
SL: 7.25
TP1: 8.02
TP2: 8.40
TP3: 10.00 (not based on these patterns)
Highest probability FX trade right nowAs of October 1st 2016, the Norwegian Krona against the Swiss Frank is unquestionably one of the highest probability trades I currently see in the FX market, if not the highest probability trade on a weekly closing basis. TradingView is not giving me permission to set-up a NOK/CHF cross, so instead I set-up the USDNOK/USDCHF, which neutralizes the US dollar in the equation.
Attached below is the chart of CADCHF, which likely signals some form of a bottom. I analyze the Canadian dollar because of its correlation with crude oil, since the correlation with oil and Norway is high as well. Looking at the NOKCAD, I see a potential breakdown in the Cad against the Nok, but far too much pressure in the $6 level to be really interested in the trade. Now let's look at the Russian Ruble - also highly correlated with oil. For now, Rubles are presenting a stronger outlook than Cad dollars - see third chart below. So let's look at NOK/RUB - the cross between these two will likely be in a long term consolidation. Lastly, let's look at Norway's currency against gold. The Norwegian Krona just broke a major weekly pennant.
CADCHF
Norway against Canada
Russia against Canada
Norway against Russia
Norway against Gold
USDNOK bearish head and shoulder shortUSDNOK breaking support and a long term bearish head and shoulders short 128k 7.98
w 11 risk reward USDNOK
USDNOK LONG Looking to go long on the pull back if the trend line is held, 3 TP on the daily chart.
Falling wedge reversal and crossing of trent line.
Possible long-setup in USDNOKUSDNOK is again testing horizontal support around 8,15-8,10 area. For now, we have seen a possible bounce from support on the 4H timeframe. In that matter, we should have a great long-setup with entry around 8,18-8,16 with a stop loss if we close below 8,14 on a daily timeframe.
On the upside, we have target 1 at 8,25 and target 2 up against 8,30. This should offer a nice risk/reward.
my Sell Trade over +1530 pips of ProfitHi,
my USDNOK Sell Trade has reached
over +1530 pips of Profit.
Let it run for more.
I am a trader of profiting.me
Thank you
Girolamo Aloe
USDNOK - Short SetupUSDNOK looks overextended with finally signal of deceleration with a reversed red hammer high test at the 0.5 Fib retracement at multiple key levels:
1) resistance at around 8.36
2) 50-60 EMA rejection
3) 200-250 EMA rejection
4) Downsloping trendline from July 27, 2016
5) 0.50 Fib Retracement
We have also Stock RSI in overbought status on daily and a clear MACD Divergence on 1 hr time frame
USDNOK - a possible short-setup?The price has moven quite fast in USDNOK since the bottom mid-august and currently testing 50% retracement from highs due July this year. If we fail to break above 8,36, we should see a test of the recent breakout area around 8,25.
In that matter, I believe this pair offers a great trade setup (short).
Trade setup: Short from 8,33-8,35 with a stop if we close above 8,36 on daily basis. Target is set to 8,25.
Play safe!
USDNOK Short Term Buy IdeaAs this pair looks like its going to complete a "Special Cycle" this multiple TF confirmed divergence could bring us to 8.28 before continuing its downwards path.
Not Conservative:
Wait for a bullish candle pattern to long.
Conservative:
Wait for price to touch the 8.28 draw a bottom TL and sell the break of the TL aiming 8.07
UKOIL - Possible short trade setupWe have recently seen a nice rebound in UKOIL after the massive downturn due this summer from 50 area. As for now the price as has retraced around 61,8% from consolidation high around mid 48 area, which also acts as horizontal resistance around 46 area.
Short term, we should see some support around 43,50. If this level fails, we could very likely retest recent lows around 41 area.
In that matter, trend is your friend and a possbile short trade should be nice.
Trade setup:
Short at current levels (43-44 area) with 1/3 of desired size. Rest if we rebound up to 45,50-46. Stop loss if the price closes above 46. Target should be mid 30's.
USDNOK - the trend is your friend - possible long trade setupAfter the recent breakdown of 8,40 level, we have seen a fast move down to the long uptrend since may this year with higher lows, given support around 8,25 area.
This should trigger a great long trade with good risk/reward ratio.
Buy area is 8,23-8,27 with a stop if we close below 8,20 on a daily basis. Target 1 is set to 8,40 and target 2 at 8,55.
Play safe!
