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Norwegian Krone/US Dollar

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NOKUSD trade ideas

HOW TO TRADE LIKE THEM Current price action 4hr So in on this chart What I’m looking for is a short entry For reason I’d mentioned in the links below So I see a trap pullback into failed bullish continuation as this is seen not by the small bull candles cus the rally can pick up later but by them closing less on their highs as they trend up What I’m looking for is a bearish candle to close lower than the last candle and having a short to none lower shadow as this will most likely be the second high in the newly formed bear channel as the bears take the bulls pullback.. where I’ll short down to the correction .. Gl with understanding this free education for your benefit!
by Donajor8
1
HOW TO TRADE LIKE THEM weekly so on this weekly pair we see a strong rejection of higher prices on the rsi n chart so we have to b bearish on the overall direction Yet we see a correction at the low Which is testing the necktie here, and the weekly mvwap which we can see on the rsi it gave us a nice rejection. Thus the highest probability here is to short the pair down to the correction So seeing this as usdcad also move similarly it’s hard to b bullish right on on them until a positive retest of the correction.
by Donajor8
HOW TO TRADE LIKE THEM UNDERSTAND TRAPS follow upHere we have two traps 1. A second leg trap that trap two types of traders This is done as they send price up from support with high volume! As the market goes up , you see the progression and want to participate over anticipation the move thus you become reactive not proactive. You buy it when they are already done. The first type is the one who solely see price going up n hops on the bandwagon bandwagon trading is a risky method! This is Ivy League profession! The second type is the one that say I’ll wait for a pullback and then I buy. When the market have it out for you as well as they are the ones that teaches you to buy pullbacks! Thus they end up trapping most traders cus they don’t trade with psychology What is this Is the understanding that markets do what the do based off of their history and it’s well known that they will trap you after a move.! As some common facts known 1, most breakouts will fail 2, second legs trap and bull traps are placed after breakouts! 3, ranges are magnetic thus a breakout from them will end in a return to it more than not These are Psychological FACTS! BEEN PROVEN! thus knowing these we can gear our trades around them By waiting for them to trap traders and then enter the market So here we see the second leg trap that is followed by a small candle that halted at the high. Next we see the break. Higher that ended in a retrace star showing buyers being trapped at resistance. And this is your entry if you was present on the chart at that time! Sl your entry and caught 1000 risk free pips! Gl on this journey!
by Donajor8
2
USDNOK looking up 🦐USDNOK after the double bottom over the support has moved to the upside over an ascending trandline. The price has now reached a daily resistance and according to Plancton's strategy if the market will break above we will set a nice long order. ––––– Follow the Shrimp 🦐 Keep in mind. 🟣 Purple structure -> Monthly structure. 🔴 Red structure -> Weekly structure. 🔵 Blue structure -> Daily structure. 🟡 Yellow structure -> 4h structure. ⚫️ Black structure -> <4h structure. Here is the Plancton0618 technical analysis , please comment below if you have any question. The ENTRY in the market will be taken only if the condition of the Plancton0618 strategy will trigger.
Long
by InkyGrip
USDNOK – bearish continuation …31 May, 2021There is a history of ranging before breaking down in this pair. See how it was ranging between 8.6450 and 8.3800 for several weeks before it broke below. Now we have something similar and despite multiple attempts during the past 6 weeks, this pair has been unable to close above 8.3800. This pair has clearly been on a strong bearish trend since Nov. and I don’t have any reason to think that this will change any time soon. I am looking to find an entry at/close to 8.3800 with my stop above the recent high. My target will be above the next s/r level located at 8.1800. If this plays out the way I am anticipating, this could be a nice +2.50R opportunity. As always, watching the price action on a lower time frame before committing to a trade is advisable. If you like my analysis, please give it a “thumbs up” and follow me to get immediate notifications. Always use sound money and risk management in all your trades.
Short
by Trading_Vista
HOW TO TRADE LIKE THEM WATCH THIS PAIR Triple bottom made with an inverted hs. Market is bearish those yet the bulls are very convincing as we can see here The market rejected the average but the bar still was bullish! It sold and returned to the average yet the second time we see a strong bull candle! Notice how price pullback before it retested the average! Also notice how the first test led to a bearish impulse and the second test was a small bullish pullback! Also notice how the market pullback from the bullish impulse retest the diagonal trendline and is now going back for the average.. These as signs of strong buying! Yet impressive the market still need to trade on top of the average and its happens to be a range market controlling the average .. so we can conclude two things here Either this 3 bottom is a test move of the low to go up or a breakout Lower of the macro range and a test before going lower. Either way This present us with a great opportunities as either outcome will be a long trade to hold So if price breaks into the range trades above the average and goes to the high we buy and hold If price failed and go below the triple bottom we sale and hold the trade! Ideally here the move would be failure to trend above the average There no reason to tp as the decision here will be lasting maybe all year.. Gl PS i don’t benefit from doing this nor to I have to its a blessing towards an ungrateful community that don’t give their likes cool I don’t need it but stay off my post THEN cus this isn’t for this for you I do this for ppl who want to improve on there strategies , Gl
by Donajor8
2
Possible Triple Bottom and Bullish DivergenceNOKUSD was in a multi-year uptrend before COVID disrupted things. We have now regressed far below where we were previously, and there is reason to think that a turnaround may be in store. At minimum, we are likely to catch a small bounce here. 1. Bullish divergence on volume-based indicators. With each of these three tests of 8.20, the OBV and Chaikin Money Flow have trended higher. This suggests that at least a small bounce is likely. 2. Longer term: NOK was in an uptrend prior to COVID, and this trend existed since 2011. 3. 2011 actually marked the end of a multi-decade downtrend, which was briefly disrupted by the 2008 recession, after which the prior trend resumed. Might the same thing happen this time, but in reverse? 4. The S&P 500 is starting to look overextended in an historically bearish seasonal period. A selloff would likely send the dollar higher against everything. 5. Lastly, and this probably isn't a good basis for a trade by itself, which is why I put it last, but you may have history on your side in this trade: “An analysis of the time-trend of U.S. dollar values over the course of a presidential term indicates that the U.S. dollar tends to start at a high value for Republican presidents and then depreciates, while the opposite pattern is true for Democrats.” walton.uark.edu
Long
by dtingbudong
Elliott Wave View: USDNOK Rally Should Find SellersShort Term Elliott Wave structure for USDNOK suggests the decline from March 24, 2021 high is unfolding as a 5 waves impulse Elliott Wave structure. Down from March 24 high, wave (1) ended at 8.149 and bounce in wave (2) ended at 8.369. The 45 minutes chart below shows the wave (2) bounce and pair resumes lower from there in wave (3). Pair still needs to break below April 29 low at 8.144 to rule out a double correction in wave (2). Down from wave (2), wave ((i)) ended at 8.291 and bounce in wave ((ii)) ended at 8.3144. Pair resumed lower in wave ((iii)) towards 8.195, wave ((iv)) ended at 8.221 and wave ((v)) ended at 8.186. This also completed wave 1 of (3) in higher degree. Bounce in wave 2 is now in progress to correct cycle from May 6, 2021 high (8.369) as a zigzag Elliott Wave structure before pair resumes lower. Potential target higher in wave ((c)) of 2 is 100% - 123.6% Fibonacci extension of wave ((a)) which comes at 8.32 - 8.342 area where sellers should appear for further downside or 3 waves pullback at least.
by Elliottwave-Forecast