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Euro / Norwegian Krone

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EURNOK trade ideas

EurNok Bearish Deep Crab, Basically an All In Type. Want to see?Ok, so what do we got? We got a good trading setup. It's a deep crab harmonic pattern for the forex trading market created Scott Carney a harmonic Trader, from HarmonicTrader.com It is a highly accurate pattern when the fibonacci patterns line up. - Actually all harmonic patterns are highly accurate when the fib ratio's line up. Anyways, so as you can things are going to get a little bearish. Not much room for to it expand if it gets to the redzone- the dead zone, or rather the money making zone, then its going to be nice. The RSI is quite ovebought, so there is a chance it won't go to the short box, but I believe it will. Let's See.
Short
by JackDale
EUR/NOK 1H Chart: TriangleThe EUR/NOK currency pair has been stranded in an ascending channel in force since mid-July. The latest confirmation was provided in this session when the price halted near the 9.33 mark for the second time in two days. Being a bullish pattern, this ascending channel should guide the pair for an upside breakout that may occur next week. However, the latest two peaks have failed to reach the upper channel boundary, thus suggesting that bulls might have lost their strength. Thus, the 9.36 area should be observed carefully. In case the rate does not surpass the short-term down-trend, a bearish breakout is the most likely option.
by UnknownUnicorn890690
EURNOK Daily Price-Action Positive for LongsDisclosure: 2 x RM Long Positions. Prices not revealed to Public. I like long EURNOK and am putting my money where my mouse is. What I see: (1) Break-Out above Upper-Bound of Falling Weekly Channel. (2) Successful Back-Test & Continuation of (1) @ 9.22 level and 50% Fib Retracement of (1). Why I like the Trade: (A) Price Action: Strong Daily bounce at (2); Technical levels held; Reversal & Momentum challenging resistance levels. (B) Behaviour: Bulls encouraged by follow-through; new shorts pressured to cover. (C) Risk Management: 50% of position treated as short-term scalp; can easily adjust the capital exposure <> initial outlay. (D) Trade Selection: Trend-following; Back-Test; Continuation-Confirmation all align with my process.
Long
by ColinHughes
EUR/NOK 1H Chart: Channel DownThe European common currency is trading in a channel down against the Norwegian Krone. The given pattern is a relatively narrow short-term formation that can be considered as a part of an intermediate ascending channel. The rate reached the lower channel boundary of both patterns mid-session and therefore is expected to dash above the 9.32 mark to initiate a new wave upwards in line with the senior formation. Trend indicators demonstrate weakening of the down-trend, while other technicals support an upward breakout. This movement should be confirmed when the pair surpasses the 55-hour SMA circa 9.33 or the 23.6% Fibonacci retracement at 9.3380. In case the rate still manages to trade lower before the predicted reversal, it might be halted by the weekly S2 located near the four-month low at 9.25.
Long
by UnknownUnicorn890690
EURNOK longterm daily/ monthly outlookEURNOK was in an uptrend on the daily chart since February 2017. The trend reversed in July as the trendline was broken to the downside. There are three support levels that can act as profit targets. While profit target 1 and 2 might be reached this year, profit target 3 lies outside of a wedge/ triangle that was formed by monthly candles since about end of 2014/ early 2015. If price does not break through profit target 2, it is likely that price will go up to the upside of the wedge/ triangle.
Short
by TradingClue