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Euro / Norwegian Krone

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EURNOK trade ideas

Alright, EURNOK 2nd Time Around Bearish Bat ShortMy last EURNOK didn't go quite well, but thats okay, win some lose some. Anyways, I am going to strike this pair again. Going for a 26.18 and a Bearish Bat pattern at the same time forming. The 2.618 trade is a great pattern invented by Jason Stapleton, kinda high risk pattern but is great as its always going to have a greater than 1:1 risk reward.. I am paring this 2.618 pattern with a bearish bat, together, will give me less risk more reward. Lets see, price needs to bounce just a bit higher for me to get in.
Short
by JackDale
EUR/NOK 1H Chart: Pair tests triangleThe common European currency is trading against the Norwegian Krone in a channel up valid since mid-July. The latest test of its upper line occurred on October 31. Along the way, the rate entered another patter—a descending triangle. The general characteristics of this pair suggest that the rate should break out to the upside. The rate hindering near the upper triangle boundary might serve as an early indication of such a move. This scenario would set the Euro towards the upper boundary of a junior channel circa 9.56. However, the rate has been stranded between the 55– and 200-hour SMAs for two sessions. A breach of one of these lines is likely to set the tone for the subsequent movement. In case the 200-hour SMA is breached, the aforementioned scenario should occur. Conversely, a breach of the former should guide the pair towards the 9.43 mark in the short-term and possibly even lower.
by UnknownUnicorn890690
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.
by UnknownUnicorn890690
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.
Short
by JackDale
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.
by UnknownUnicorn890690
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.
Long
by ColinHughes