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Euro / Norwegian Krone

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EURNOK trade ideas

Care your longs, consolidation and pull back is possibleWhile I precisely saw the major bullish divergence around 8,85 low, I missed this bullish reversal and breakout trade. (I traded EURCAD long instead). But some people may still have bullish position, so I thought I share my view and a few warning signals. Daily: - Ichimoku is bullish. In fact it is "too bullish", price is far above 9,0150 equilibrium, marked by Kijun and forward Senkou B -> overbought condition, market should consolidate and let averages catch up, or pull back a bit towards equilibrium. - Heikin-Ashi is bullish, but it's already clear that haDelta and haOscillator have started to build some short term negative divergence. haOscillator is below central line. - Possible short term bearish wedge pattern is forming, as the price increase was very agressive from the lows. - EWO is bullish, but it might print a double top in value - MACD is bullish, with lines slowly converging 4H: No more additional info here, just to see more precisely the supports: 9,1865 / 9,14 - 9,1560 / 9,10 Startegy: If you are long, sell covered calls and/or reduce some of your bullish exposure in 9,21-9,25 zone
by Kumowizard
3
EU Losing MomentumEU have had a good run lately, but it seems over, for now at least. EURNOK is a bit special to me. Won a lot, lost a bit, yet, I keep fixating on it because of the large swings and very clear formations it makes. Finally it has come to a point when it is either breaking out short or consolidating. Looking at the past six days, it couldn't make new tops, it's sliding downwards. To add on that, short-term MACD, RSI and mid-term Stochastic seems to agree on most charts, that it's going downwards.
Short
by chastic
1