GBPNOK trade ideas
GBPNOK Double Target action planPattern: 1M Channel Up.
Signal: (A) Bullish towards the potential Double Top and (B) Bearish towards the 0.382 Fibonacci retracement.
Target: (A) 11.5200 and (B) 11.1600.
bullish continuation The past week has seen the pound Norwegian breaking above key level of structure and thereby confirming a new uptrend and to me that means im looking for more bullish setups. Heading towards this week um looking bullish setups only!! with that being said im waiting for the market to confirm either one of these 3 conditions:
1) retracement going back into levels 11.00357 and 11.03788 and then we seek for bullish patterns and formation
##this will be the best level to look for bullish setups, and we can have a good risk to reward ratio
2) might see the beginning of this week with a consolidation and given that condition we have our alerts on the lower levels of that consolidation setup...
3) im also looking for some bullish flag patterns ...and will be trading a breakout of that price action
Targets will be up in levels of 11.51319 and11.55729
GBPNOK SHORTHi I just entered this short trade on GBPNOK. My reasoning was this double top formation, with an engulfing candle printing at resistance showing bearish price action. My profit target is the next support level at around 10.6300. Thanks for reading.
There will be a reversal soon, you can consider long-term investThere will be a reversal soon, you can consider long-term investment
NEUTRAL POSITION ,BECAUSE WE CAN ENTER A LONG AND SHORT POSITIONRED DRAWING = POSSIBLE REVERSAL FOR A SELL AFTER TOUCHONG THE TREDNLINE OR A CONTINOUS BUY AFTER BREAKING IT
NEUTRAL POSITION , BECAUSE WE CAN ENTER A LONG AND SHORT POSITION AT THE TRENDLINES
