EURNOK trade ideas
EUR/NOK 1H Chart: Euro tests three-month highThe common European currency is trading in two ascending channels against the Norwegian Krone. The senior pattern formed around mid-August and has since stranded the rate in a slight upward momentum. The junior one, on the other hand, has been valid for two weeks, having provided two confirmations on each side.
Following a surge mid-Wednesday, the Euro is consequently trading with low volatility along the upper boundary of the senior channel circa 9.48. This level that is likewise a three-month high is supported by the monthly R1.
Given that the rate has shown reluctance to move past the given area, the pair might respect the boundaries of the senior pattern and move lower. However, the steepness of the junior channel suggests that this decline might actually be sideways until 9.42 is reached.
In case the pair reverses near this mark, it is likely that the Euro breaches the senior channel and surges up to 9.56 where the monthly R2 is located.
"Trade what you see not what you think" Bearish Sentiment Validated confluences
1.Daily Support Valid
2. Trendline on daily valid
3.Profit margin 1:3
4.No major support until 9.5000 below (below)
5.Breaching upper Bollinger band showing signs of excessive buying
EURNOK multiple short entries Will use fib levels to judge exit and also the 4hr trend line could be a place for buyers to get in
EurNok Bearish Deep Crab, Basically an All In Type. Want to see?Ok, so what do we got? We got a good trading setup.
It's a deep crab harmonic pattern for the forex trading market created Scott Carney a harmonic Trader, from HarmonicTrader.com
It is a highly accurate pattern when the fibonacci patterns line up. - Actually all harmonic patterns are highly accurate when the fib ratio's line up. Anyways, so as you can things are going to get a little bearish. Not much room for to it expand if it gets to the redzone- the dead zone, or rather the money making zone, then its going to be nice. The RSI is quite ovebought, so there is a chance it won't go to the short box, but I believe it will.
Let's See.
EURNOK Long (Pennant -continuation)I see a a bullish pennant and with other affirming patterns (inverted head and shoulders pattern on the weekly chart).
Long buy signal for very short term investorsI think that the price will be uptrend in the following minutes/hours.
EUR/NOK 1H Chart: TriangleThe EUR/NOK currency pair has been stranded in an ascending channel in force since mid-July. The latest confirmation was provided in this session when the price halted near the 9.33 mark for the second time in two days.
Being a bullish pattern, this ascending channel should guide the pair for an upside breakout that may occur next week. However, the latest two peaks have failed to reach the upper channel boundary, thus suggesting that bulls might have lost their strength.
Thus, the 9.36 area should be observed carefully. In case the rate does not surpass the short-term down-trend, a bearish breakout is the most likely option.
EURNOK short, 2h/4h Momentum vs. Price DivergenceEURNOK shows bearish Divergences of Momentum vs. Price on the 2H as well on the 4H chart.
There was a strong uptrend but on the 2H chart RSI is oversold and falling.
Trade entry could be right now, or when price breaks the trendline to the downside to have an extra confirmation.
Target is the weekly Pivot at 9.33042, Stop-Loss the latest high at 9.3861
"Trade what you see not what you think" Bullish Sentiment Validated confluences
1.Support Valid Resistance broken
2.Weekly trend line Broken (Major validation)
3.Opposing level breached by Bulls (Major validation)
4.Profit margin 1:3
Bat w/ 3 drives short opportunityAlternate Bat pattern completion point 9.43120 converging with a 3 drives pattern
Take profit target #1 9.35100 Take profit target #2 9.30200
Stop loss 9.38500
EURNOK Daily Price-Action Positive for LongsDisclosure: 2 x RM Long Positions. Prices not revealed to Public.
I like long EURNOK and am putting my money where my mouse is.
What I see:
(1) Break-Out above Upper-Bound of Falling Weekly Channel.
(2) Successful Back-Test & Continuation of (1) @ 9.22 level and 50% Fib Retracement of (1).
Why I like the Trade:
(A) Price Action: Strong Daily bounce at (2); Technical levels held; Reversal & Momentum challenging resistance levels.
(B) Behaviour: Bulls encouraged by follow-through; new shorts pressured to cover.
(C) Risk Management: 50% of position treated as short-term scalp; can easily adjust the capital exposure <> initial outlay.
(D) Trade Selection: Trend-following; Back-Test; Continuation-Confirmation all align with my process.
EUR/NOK 1H Chart: Channel DownThe European common currency is trading in a channel down against the Norwegian Krone. The given pattern is a relatively narrow short-term formation that can be considered as a part of an intermediate ascending channel.
The rate reached the lower channel boundary of both patterns mid-session and therefore is expected to dash above the 9.32 mark to initiate a new wave upwards in line with the senior formation. Trend indicators demonstrate weakening of the down-trend, while other technicals support an upward breakout.
This movement should be confirmed when the pair surpasses the 55-hour SMA circa 9.33 or the 23.6% Fibonacci retracement at 9.3380. In case the rate still manages to trade lower before the predicted reversal, it might be halted by the weekly S2 located near the four-month low at 9.25.
EUR will fallThe market pressure say that this cross will breakout and get lower prices.
For a complete list of market pressure visit my twitter profile
High short pressureWe are observing high short pressure on this cross
maybe a good opportunity for entering in positivite swap cross
EURNOK buy setupHi guys,
The pair EURNOK looks like a buy. The pair nicely landed on the resistance turned support structure, and there has been a nice bullish engulfing signal and a clear follow on to the upside after. It is clear that there is more upside to be seen, and I am expecting a move to at least the previous structure high, as outlined on the chart.
Best regards,
Tom_Killick
