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USD/NOK

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USDNOK trade ideas

(4h, USDNOK){4H, $USDNOK} the general price movements is in an Ascending-triangle-pattern after price confirm the Support/Resistance-levels {Previous Price Action} last movements shown that the price break under the Support-level of the Mini-ascending-channel and made the first Lower-low after breaking the double-tops neckline while there's no signals of potential reversal. {Current State} price still undervalue while it's moving under the support-level of the Support-level of the channel and the high-selling pressure in the volume tells that there's possibility of more down movements that's why on the chart I chose to select the Lowest-point price reached with the highest point as "Invalid-rectangle-pattern" as long as the price hasn't confirm the lowest-point we can't confirm the pattern yet. {The Plan} we should first wait for the price to confirm the pattern then we can start looking for opportunity of potential breakout in order to go long and trade following the general price direction. {Valid Pattern} none. (Rectangle-pattern not confirmed yet) {Alerts} none. (no alerts until the pattern confirmed) {HQ Chart} i.ibb.co {Original post} stocktwits.com Follow me at stocktwits.com for more: @itsFiras
Short
by FirasMohamed