TRIANGLE PATTERNWait for breakout from triangle and enter the trade wit target as on chart.
My favourite call is to south as continuation move,
Pattern might need to be redraw as unfolds.
EURNOK trade ideas
EURNOKThis is a really great time to long the EURNOK. Based upon R&R alone we have a chance in this support zone to play the overthrow on the bottom TL, or play the range back up from support. Either way the risk is very small here so well worth the risk. Stop below the support zone to play it safe. The target on this will only be my first target i think if the top TL breaks we can go much higher. But will wait and see over time.
Sell signal in the rangeAll important signals marked with ellipses.
Please note EURNOK is still trading in a range. For a major trend start it has to break 8,94.
Anyway, the bias is short now.
Eurnok Short At Major SupportANALYSIS AND RESEARCH:
We can say that it is moving in clear consolidation zone and for most traders this area is more interesting for trend reversal trades and it acts like the same so in our opinion if it drops more and breaks below lower trend Line then we can expect it to drop more towards the flag possibly.
Eur on overall basis acts as weak pair so keep an eye on that as well.
Extra News Related to this Pair:
According to zukumati sarkoshi our cheif analyst saying that if it drops below the lower major support it is armageddon for eur/nok pair let us see which way it will fall.
EURNOK - UPTREND FORMING(?)This post is a bit hypothetical and completely out of character for me, because I usually trade after I've received complete and total indication that moves are going to play out in my favor, but I've seen this pattern play out so many times that it seems silly not to at least make you guys aware of a possible way this pair could develop. I see an uptrend forming here, considering the strong RSI, as well as the recent bounce off of the support. Keep an eye on this one, and get in if you feel comfortable.
EURNOK Resistance + very bearish price actionTook a position two days ago on 9.08 due to bearish price action and resistance on 100day average + 0.382 fib. Got some very bearish candles these last two days confirming the bearish bias with first TP on 8.93 area.
Also hoping for a break of the rectangle and a continuation of the downward channel/trend.
Can it be a major short for 2017?Well, the year has just started, but Norway Manufacturing PMI and its breakdown published this morning was very positive. --> Please see my today Twitter post
Technically the pair is in consolidation, but very close to a major breakdown and strategic sell signal.
Weekly:
- Ichimoku has bearish bias (until price holds below Kijun Sen). Weekly support is 9,21+
- Heikin-Ashi may give a sell signal this week -> pls see how haDelta and haOscillator are rolling over.
- EWO and MACD both bearish, but also both shows consolidation phase
- Should price break the lower bound of the consolidation range (8,95), that would also mean a break of the 4 years long bullish trendline!
Daily:
- Ichimoku picture is neutral, Price is at Kumo supp/res. This Kumo cloud ahead. Lower key is Kijun Sen at 9,0225. A break below would accelerate selling.
- Heikin-Ashi signal is bearish-like, with red, but still small candle bodies and haDelta/SMA3 below zero, but not yet confirmed.
EUR/NOK will collapse soonOur algorithm has detected today a strong reverted cup and handle pattern on EUR/NOK in weekly (and also in 4H). The probability of a downtrend is 91% with the current configuration. Objective of gain is 8.5.
EURNOK at important weekly levels - can we break the trendline?EURNOK is at important weekly levels again. Looking to short if we break the important trendline from even 4 years ago.
First target is marked on chart, but potential for this to go even further down.
EURNOK : SELLHead and shoulder.
Now it retest LOW.
IF it continue, it proove that confirm wave 3 or C.
TP around 8.56762
A major trendbreak? - 4 years trendline being testedFirst of all I hope you followed this trade idea in last two days on Twitter. Then you are already short in EURNOK.
If you missed the Tweets, no problem, it is still not too late. I show you why.
Weekly:
- Ichimoku setup is bearish: Price is below Kumo and Kijun, Tenkan/Kijun is bearish, Tenkan and Senkou A point down.
- Ichimoku basic rule of Kumo breakout says the break has to be validated by a lower low on next leg down. That would be around 8,90. This would also mean a clear break of the 4 years major strategic bullish trendline!
- Heikin-Ashi gives a sell signal this week! haDelta and DM_Oscillator dip below zero.
- EWO and MACD are bearish too.
If it breaks down, next bearish targets are 8,50 and 8,35
Daily:
- After some consolidation in the Kumo, and testing 100wma, it clearly turns back to bearish.
I called for this trade back in June-July. I took profit in October, and I was waiting very patiently for the pull back and the consolidation. Yesterday I enterred short again.
OPEC has changed the game, and Norway will be one of the big winners. As I also wrote in my previous posts, the Norwegian economy is very healthy with C/A surplus, no debt, but with already increasing inflation path!
I really believe this can be one of the big trend trades in 2017!
