SHORT SETUP Are we Going to see this move to the downside to complete the correction before a rally to the upside?
Market reached the supply zone and the QML
TRADE WITH CARE
USDNOK trade ideas
USDNOK 4H RectangleOANDA:USDNOK This pair is likely to rise and break out from the rectangle pattern, as DXY is currently getting her momentum
USD/NOK MULTI-TIMEFRAME ANALYSISGood day trader's, here's my day nineteen video of the #100DaysofTechnicalAnalysisChallenge. USD/NOK caught my interest and here's a full breakdown on it. I'll look to go LONG on USD/NOK only if my trading criteria is met. Let me know your sentiments on it in the comments.
SHORT USDNOK IF IT BREAKS DOWN THAT LOW.Strong momentum down and a pause expect to go down if market brakes to the downside.
Why I hesitate to short USDNOKA follower sent me this link and was excited to short it and ask for my views.
Looking at the daily chart, we can see that this pair has fallen more than 20% from the peak at
12.00 in mid March till now.
As the price has fallen quite a lot within the channel, there is a higher probability that it might pull back (see the blue turquoise candles) before it resumes its downfall. Remember, if you had for some reasons missed selling it at 11.00 plus, you are inching closer to the profit target (8.25) from current price than before. That presents a higher risks as well.
It could also continue to fall further to revisit the support at 9.08 level before correction takes place.
If I have to short this pair, I would wait for the breakdown of the price action from the channel before executing. Or, if the price does pull back, I will wait for a few days to see how strong the correction is. It may resume its downfall midway within the channel as well.
Just like we do not chase price when it is already trending high up, we do not chase price down when it has already fallen much. The concept works the same. The higher you have to set your SL , the higher the risks you have to bear. Always consider the risks factor and not the reward (8.5) first.
Everyday, there would be analysts, bankers, hedge fund managers selling you their piece of advice to buy or sell something. It is for their gains , not yours so read the news with a pinch of salt and be selective else you will be all over the place and lack focus in your strategy.
USDNOK Could retest a previous support 🦐USDNOK Could retest a previous support, we are waiting for a confirmation and According to Plancton strategy, we can set a nice order
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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 Plancton0618 strategy will trigger.
USD/NOK IS READY TO CONTINUE GOING UP!After a first bullish reaction in the bottom (91965) the price made a retracement just into the last resistance now turn support. Now I'm waiting for a break of the last swing and the entry on the correspondent pullback.
Cuña / Wedge USDNOKIn 4 hours, a wedge-shaped movement is seen that seems to have broken upwards, leaving a possible path to 9.81 and placing the SL below the last minimum (9.4133). The RSI has accompanied the movement, breaking the bearish guideline.
En un 4 horas se aprecia un movimiento en forma de cuña que parece haberse roto al alza dejandons un posible recorrido hasta 9,81 y situando el SL por debajo del último minimo (9,4133). El RSI ha acompañado el movimiento rompiendo al directriz bajista.
USDNOK a continuation of the bearish trend? 🦐After the long downtrend the market retrace till the 0.382 fib level and now it create a lower high lower low.
IF the price will manage to break the structure we can set a nice sell order with the target at the yellow trend line which support the upper trend line on the 1d chart.
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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 Plancton0618 strategy will trigger.
USD/NOK will fail to break out from two major resistance linesThe pair will fail to break out from two (2) major resistance lines, sending the pair lower towards its 2020 low. The Federal Reserve holds onto its current benchmark interest rate of 0.25%. This was following the selling pressure by investors and traders on the US dollar in the previous weeks. Apparently, investors felt that the record-breaking $6 trillion economic aid by the central government and the central bank will scratch the value of the greenback on the medium-term. Aside from that, inventories of oil surged in the first week of June. Also, jobless claims are still way higher than the combined jobless claims during the 2008 Global Financial Crisis. Meanwhile, Norway is leading among the fastest recovering countries in Europe. Expectations for the full fiscal year GDP was down to 3.9% from 5.5% expected in April. Norway is seen by analysts as one of the most liquid countries in the world with its sovereign wealth fund at its disposal.
USDNOK SHORTMY ENTRY ON USDNOK
Entry: 9.77
Stop Loss: 10.1
Take Profit: 8.75
Risk / Reward: 10
Considering taking profit at 9.2 if Fib resistance holds.
Then i will be looking for a new short entry at:
Entry: 9.56
Stop Loss: 9.83
Take Profit: 8.75
Risk / Reward: 3
I'm focusing on the USD / NOK pair as NOK is heavily affected by oil prices, which are increasing.
The Norwegian government do not print new money, as they use their oil fund money to get through the crisis.
The fed are printing a lot of USD.
Norwegian Government are buying 2 billion NOK per day for a long period of time.
USDNOK is taking the last breath before the uptrend startson DAILY: USDNOK is approaching a demand area in red so we will be looking for objective buy setups on lower timeframes.
on M30: USDNOK is trading inside an objective channel in orange so we are waiting for a momentum candle close above the last swing that forms around our upper orange trendline to buy this pair.
we also have a regular bullish divergence on MACD adding more confluence to our buy setup.
meanwhile, until the buy setup is activated, USDNOK would be overall bearish.
USD/NOK MULTI-TIMEFRAME ANALYSIS Hello Traders, here is the full analysis for this pair, let me know in the comment section below if you have any questions, the entry will be taken only if all rules of the strategies will be satisfied. I suggest you keep this pair on your watchlist and see if the rules of your strategy are satisfied.
USDNOK 1DWe had to back out to the 1D to get a more clear picture. We have an ascending trend line with numerous reactions. We have come down to that point as well as being oversold on the RSI. If this dips below, I’d want to see it come back to test before heading further down. Or, it could easily reverse to head back up.
