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Euro / Norwegian Krone

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EURNOK trade ideas

EURNOK - Swing short. Will it keep trading range, or will break?I opened some shorts today, based on my last post (pls see linke below) and on today's 4 Hrs px action. Maybe I did a bit too early, but gvn the daily Kumo, I had to pull the trigger to get reasonable expected risk-reward ratio. Anyway, it looks like we may see a further consolidation. Daily: Not much change since my last post. Small daily hammers following each other with touch lower closes. Bulls seem to be trying, but they fail each they. Chikou Spn back below Price candles. This can develope to a bigger selloff. Maybe even below 1,3050 Major Key Support? Hmmm... let's just not predict it too early. Just a thought. What we see now is still just a range trading. If it breaks lower, then it will, if not, then the range will stay. 4 Hrs: weak Tenkan/Kijun Sell signal, Price couldn't move back above Kijun Sen twice. Price ticking below Kumo, but we still have the horizontal Key level ard 8,37 to be cleared. Also ADX is still too low. In fact this is still just a sideaway, with some selling pressure. But there's the chance it can accelerate later.
Short
by Kumowizard
2
EURNOK - Sideaway with short bias nowDaily: Since the huge pin bar Price corrected down to Kijun Sen, then again up to Kijun Sen. Last two days closings were both hanging man, rejecting the Key Resistance at Kijun. Slow Stoch gives a sell signal, with negative divergence to Price as well. I expect this cross to come down into the Kumo this week. Later it will deoend a lot on ECB policy. Fundamental adventages are on NOK side ag. EUR. I am holding some strategic shorts already, with selling Puts on it whenever it becomes oversold in the range. I believe at some point later this year we'll see a bearish Kumo break again and the bearish trend will resume.
Short
by Kumowizard
EURNOK - My personal fav.I stumbled upon EURNOK over some chance discussions with some members here couple of weeks ago. I took on a short position back then and ever since I kept adding to my positions. This pair also gives +ve rollovers for shorts. This is the weekly chart, which validates the short positions. A descending triangle and RSI divergence on the weekly charts. I don't think its too late to get in on this pair. Today Norges bank had its MPC and it kept interest rates unchanged. There is a bit of recovery, despite being slow. Eurozone... I don't have to say much. Perhaps today's ECB press conference will give clues. Look for selling opportunities on this pair.
Short
by justatrader
EURNOK - Trend reversal in progress. Sell 8,30-8,31 retracementDespite NOK used to be one of my favourite ccys, I have not been paying too much attention to it recently. It was a mistake. I missed this sell setup and short entry two days ago, even though it was so obvious. EUR already sold off on all crosses, except this one. The setup was there, I even realised it in the morning, I just hesitated too much to enter the OCO Sell orders, since I had enough shorts on EURUSD and EURCAD. I thought the break would happen only later during the day and would not be so violant. But maybe still not too late to catch something here next week! Daily: Price has been trading below the Kumo, perfectly retested it, followed by rejection. Tenkan/Kijun is about to give us a strong sell signal again. DMI crossed bearish, but ADX is still low. If price breaks lower through 8,22-8,20, then both 8,50 double top and the daily trend reversal will be absolutely confirmed, and we will see a longer bearish trend. 4 Hrs: Obviously massive bearish, but Slow Stoch is oversold. I hope this will bring some pullback to 8,29-8,31 retracement Zone, where we could sell this cross with a good risk reward. If I enter, I will consider this trade as a long term strategic short. I will have no intention to play swing trades on it, just keep it as a hedge to my portfolios EUR exposure, until the trend will be down. The only thing I will do from time to time, that in case daily Slow Stoch gets into oversold zone and price meets some kind of resistence level, I will write out short dated (1 or 2 weeks) covered Put options.
Short
by Kumowizard