EURNOK trade ideas
EURNOK shortWait for the price to go up near the major resistance, then look for the reversal candle pattern to go short.
Probable shortIf the upper channel border which we are close to now (approximately 9.95- 10.00) is not crossed then a move down is to be expected. Moreover 10.00 is a psychological barrier. Even though I also take into account the possibility that the price will get to 10.20 for a while and then sharp move back will take place. Good luck!
2018 FORECAST WITH ABCDs "HARMONIC MOVEMENT OF THE PRICE"2 ABCD PATTERN:
A)THE SMALL ONE: 161.8 extension//
B)THE BIG ONE: 127.2 extension//
so Chance for "abcd-s"with confluence of fibonacci /////
EURNOK longIdea: Possible support and return long.
DISCLAIMER:
This is where I practice ideas and work on my trading techniques. Please note I am only providing my own trading information for insight to my trading techniques, you should do your own due diligence and not take this information as a trade signal. Trade at your own risk.
Update idea
EUR/NOK 1H Chart: Euro points to weaknessThe common European currency has been appreciating against the Norwegian Krone in an ascending since late September. This pattern has guided the pair up to the 9.9156 mark—its highest level during the past several years.
Apart from this channel, the pair is likewise trading in a junior one valid since November 21. Its slope is relatively steep; however, as apparent on the chart, the Euro has failed to initiate a solid wave up.
This suggests that a change in the bullish sentiment might occur soon. This assumption is likewise supported by technical indicators.
In terms of support, the pair might hinder near the 9.75 area near where the monthly PP, the 200-hour SMA and the weekly S1 are located.
Alright, EURNOK 2nd Time Around Bearish Bat ShortMy last EURNOK didn't go quite well, but thats okay, win some lose some. Anyways, I am going to strike this pair again. Going for a 26.18 and a Bearish Bat pattern at the same time forming.
The 2.618 trade is a great pattern invented by Jason Stapleton, kinda high risk pattern but is great as its always going to have a greater than 1:1 risk reward.. I am paring this 2.618 pattern with a bearish bat, together, will give me less risk more reward.
Lets see, price needs to bounce just a bit higher for me to get in.
Long long term EURNOK observedHello Traders,
Long Long term observed for EURNOK
Your reflection on my analysis I highly honor.
Thank you.
EURNOK shortTwo target prices (blue lines), first is on bullish trendline, on which we must see to add more short or wait for another retest of highs.
If first support fails, we could see further weakness in EUR, before correction and retesting of now broken bullish trendline, on which I plan to add more shorts.
EUR/NOK 1H Chart: Pair tests triangleThe common European currency is trading against the Norwegian Krone in a channel up valid since mid-July. The latest test of its upper line occurred on October 31.
Along the way, the rate entered another patter—a descending triangle. The general characteristics of this pair suggest that the rate should break out to the upside.
The rate hindering near the upper triangle boundary might serve as an early indication of such a move. This scenario would set the Euro towards the upper boundary of a junior channel circa 9.56.
However, the rate has been stranded between the 55– and 200-hour SMAs for two sessions. A breach of one of these lines is likely to set the tone for the subsequent movement. In case the 200-hour SMA is breached, the aforementioned scenario should occur.
Conversely, a breach of the former should guide the pair towards the 9.43 mark in the short-term and possibly even lower.
EUR/NOK 1H Chart: Euro tests three-month highThe common European currency is trading in two ascending channels against the Norwegian Krone. The senior pattern formed around mid-August and has since stranded the rate in a slight upward momentum. The junior one, on the other hand, has been valid for two weeks, having provided two confirmations on each side.
Following a surge mid-Wednesday, the Euro is consequently trading with low volatility along the upper boundary of the senior channel circa 9.48. This level that is likewise a three-month high is supported by the monthly R1.
Given that the rate has shown reluctance to move past the given area, the pair might respect the boundaries of the senior pattern and move lower. However, the steepness of the junior channel suggests that this decline might actually be sideways until 9.42 is reached.
In case the pair reverses near this mark, it is likely that the Euro breaches the senior channel and surges up to 9.56 where the monthly R2 is located.
"Trade what you see not what you think" Bearish Sentiment Validated confluences
1.Daily Support Valid
2. Trendline on daily valid
3.Profit margin 1:3
4.No major support until 9.5000 below (below)
5.Breaching upper Bollinger band showing signs of excessive buying
