USDNOK: Still range bound
Updated
USDNOK is giving a good chance to enter longs aiming for the Brexit key level above, which is now acting as a magnetic level, pulling price towards it.
The recent drop bottomed and turned around, breaking back above the daily low of the Brexit day, which now serves as a good level to hide our stops and gives us an excuse to go long on dips, or at market if not in it.
We also see that the yearly SMA (252 periods) sits right where the Brexit level does, so it's logical to observe 'mean reversion' here. This trade is a good one to have while holding oil longs too.
Good luck,
Ivan Labrie.
The recent drop bottomed and turned around, breaking back above the daily low of the Brexit day, which now serves as a good level to hide our stops and gives us an excuse to go long on dips, or at market if not in it.
We also see that the yearly SMA (252 periods) sits right where the Brexit level does, so it's logical to observe 'mean reversion' here. This trade is a good one to have while holding oil longs too.
Good luck,
Ivan Labrie.
Note
Move stop to entry price if in, or exit.Note
I banked, and bought back on this drop:Notice the green triangle apex in my original chart, that was a good buy level.
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