EURNOK look for a retracement? 🦐EURNOK has been moving inside a discending channel between the orange trendlines.
Lately the market has move inside a minor channel and currently is consolidating below a daily structure.
If the market will manage to break and close above the structure we can set a nice long order according with our strategy .
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Follow the Shrimp 🦐
Here is the Plancton0618 technical analysis , please comment below if you have any question.
The ENTRY in the market will be taken only if the condition of Plancton0618 strategy will trigger.
EURNOK trade ideas
EURNOK Trading PlanPattern: Triangle on 1D.
Signal: (A) Bullish if the Resistance breaks, (B) Bearish if the Support breaks.
Target: (A) 11.800 (0.5 Fibonacci retracement level), (B) 10.000 (the Lower Support).
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EURNOK Bullish IdeaAt the opening of the market I'll be speculating price reaction as price makes its way into the triangle looking for Long Confirmations.
Patience will play a big role in this pair as I expect price to take the majority of traders into an emotional rollercoaster, candle stick confirmation, Risk/Reward & Price Patterns will play a big role in this entry if reached.
EURNOK Short - FlashcardEURNOK Short
Direction: - Pair is in Bearish Order Flow and has Bearish Momentum on the H4 and Daily.
- Pattern formed in the Bearish H4 OB (Order Block).
Entry: - W (Double Top) Pattern Formation.
- Divergence occurred.
- RSI crossed volatility bands (Shark-fin), indicating a drop in the pair.
- RSI near the 68 (exhaustion zone), indicating pair was overbought.
- 13 EMA cross on second leg of pattern confirmed drop. This is my entry.
- MBL (Market Base Line) curved downwards after entry, confirming drop.
- 800 EMA showed resistance to the pattern.
Exit: - 40 pip SL @ above high (top of H4 OB).
- 71 pip TP @ day close. Did not go to original TP, however I do not like holding trades for more than one day, so I closed the trade before the day ended.