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Euro / Norwegian Krone

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EURNOK trade ideas

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!
Short
by Kumowizard
Nice run, but consolidation comes. Cover shorts, resell higherPlease track back this trade idea! This was my best trade in 2016! Held and built position for more than 6 months. Weekly: - Ichimoku is turning bearish, but price reached long term trendline support. - Heikin-Ashi has been nice bearish for weeks with strong momentum, but haDelta reached an extreme low. Consolidation is possible at first resistance, especially that price is also bit fr below Kijun now. - EWO is bearish, but reached extreme low. Daily: - Bearish Ichimoku setup with supports at 9,13 and 9,20+. - Heikin-Ashi signals start of consolidation/pull back. - EWO is bearish, but we'll see either a small wave up, or some sideaway. - Cover shorts for now, try to resell in 9,11 - 9,14 zone (in case of a sell signal)
Long
by Kumowizard