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SWEDISH KRONA / U.S. DOLLAR

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SEKUSD trade ideas

USD/SEK - DON'T BE FOOLED BY THE BREAKOUTThe pair is currently still correcting and we could get one more strong move to the upside. Bear in mind though that in the bigger picture (Monthly chart - which i will post as an update) we are still within a Zig-Zag correction (wave 4 to be exact) therefore I would be very cautious and lock in profits as soon as possible. Note how leg C looks like it's carrying a lot of momentum, but so did leg A before turning. In addition we are seeing an ending diagonal form which is a very common occurrence for the leg C of a Flat & Zig-Zag correction. My personal details: Long @ Entry: 8.2677, SL: 8.2565, TP: 8.5180, RR:22.34 For risk and money management purposes, always determine a max. of 2% risk on every trade. For example on a $50,000 account, this would be equivalent to 1,25 Lots with an 80 pip stop loss. Targets and closure of positions may be subject to alteration throughout the course of the trade. This is due to the ever-changing and unpredictable nature of the market. This post is set to be used and serve as an example and in an educational manner and is not to be taken as direct investment advice.
Long
by Aqua_Trader
USD/SEK 1H Chart: Channel up weakensUSD/SEK had been guided by a channel down valid since November, 2016. This long-term pattern was eventually breached to the upside two months ago when a junior channel proved to be stronger. The rate has since diminished its trading range in the given pattern, thus failing to reach its lower boundary on November 27. Meanwhile, a possible surge north has been halted by the 8.52 area on several occasions. Technical indicators suggest that the US Dollar is likely to edge higher in this session. Given the strong resistance of the 100-, 55– and 200-hour SMAs and the weekly PP, any attempts to move past the 8.46 mark should be disrupted. Subsequently, the pair could either trade sideways for some period prior to falling down or do the latter right away. A possible downside target for the following three weeks is the 8.32 area.
by UnknownUnicorn890690
USD/SEK 1H Chart: Rate pressured by SMAsThe US Dollar has been appreciating against the Swedish Krona in an ascending channel since late August. After failing to reach its upper boundary on November 21, the Greenback initiated a new wave down. Meanwhile, the lower boundary of the senior channel was tested for two consecutive sessions. The rate, however, managed to edge slightly higher until the weekly PP at 8.3538 was reached. Currently, the pair is located between the 55-, 100– and 200-hour SMAs. The pressure from both barriers might force it to move sideways. Its subsequent movement, however, is expected to be south and past the bottom boundary of the senior channel. In case this scenario occurs, this might mark a period of depreciation for the pair until some weekly or monthly pivot points halt this bearish momentum (both types of pivot points are to change at the end of this week, thus a specific downside target cannot be set).
Short
by UnknownUnicorn890690
Weekly Forecast Dollar/KronaThis is one of the few forecasts I've been getting wrong over the last couple of charts. It has been moving counter to DXY so clearly the Krona has been getting weaker faster than the Dollar. It still looks short to me but I'll not be trading it because it will clearly not produce the biggest move down. So my forecast is short but don't trade it until the dollar is moving in the opposite direction. I'll update my ideas as they develop First rule of trading - Protect your capital Anyone trying to learn Elliott Wave Theory can find a FREE comprehensive Building Blocks video course on my website. See my profile for the link. You can also follow updates via twitter (link from my TV profile) Always wait for an entry set up before risking your money. This is not investment advice - it is purely for educational and discussion purposes. Your Ideas, comments and questions welcome Good luck Steve Nixon - logicfxtrading
by SteveNixon
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