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Euro / Norwegian Krone

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EURNOK trade ideas

TP on half of shorts. Look for sell signal at 9,38-9,40As goes the Oil.... goes the NOK (more or less). - Daily trend is bearish, and Weekly HA structure also suggests the pair has chance to continue lower towards 9,03-9,09. - However short term I see wave exhaustion signal on daily: haDelta/SMA3 already signalled yesterday minor momentum drop. Today candle confirms start of consolidation/pull back above 9,25 resistance. Candle has both upper and lower wicks, haDelta moved more up. - I recommend to take profit on half of short positions. Doha w/e, and as I wrote yesterday, WTI and Brent oil started a pull back too. - Bearish support is 9,38-9,41 area, looking to re-sell there.
by Kumowizard
Sell moreThose who follow me on Twitter, already saw a similar chart from me about EURNOK. Now I add the weekly too, plus I'll have some more notes. Weekly: - The big trend is bullish, but we may experience further counter trend wave towards stronger supports - Ichimoku picture is bullish... or is it turning neutral? It will be decided if we finally see a decisive candle close below Kijun. - Stronger supports below Kijun are: 100WMA and Senkou B (Kumo bottom) ard 9,00-9,05 and the major trendline ard 8,80+ - Heikin-Ashi still showed undecision last week as candle had both upper and lower wick and a very small body, but price action was bearish on friday, which ended in a red body finally. Price has not managed to move back above Tenkan Sen (9 weeks avg) for 4 weeks, however still could not close below Kijun either. haDelta/SMA3 crosses down at zero, this suggests bears may get stronger momentum. Note: bearish divergences are always nice to realise and examine, but as you can see in both haDelta and EWO, divergences can develop and exist for extremely long time! Divergences alone can not be traded! Daily: - As it often happens, the initial bearish Kumo break did not have an immediate follow through at beginning of March. Bulls tried everything to push back price above 100WMA and 9,50-9,51 key supp/res lvl, but they failed 14-16 times!!! (that is like trying for almost every trading day for more than 3 weeks!) - Heikin-Ashi signals turned bearish last friday, with strong momentum. In case price clears 9,30-9,35 resistance, selling will accelerate down to 9,00-9,10 zone. - EWO is still neutral/starting bearish. As I wrote on Twitter, I have been holding sometimes more sometimes less EURNOK short for several months now. I think it is time to hold more! If someone doesn't like selling EUR ag NOK, can still do another relative value trade, long NOKSEK, which I also called for on Twitter few days ago. p.s.: Of course the whole success depends a lot on Brent Oil price action, as Norway is one of the world's biggest oil producers, but recently I see Oil price well supported by buyers.
Short
by Kumowizard
EURNOKWhere are we going now ? Wait and see, if up short if down long - i would not take a trade in the middle of nowhere Trade your plan, if you don't have avoid trading (Warning. I am a private trader. I don't sell any signals, equipment or other sources of learning about forex . I am here to share ideas based on technical analysis to improve me on Forex practice. Trading forex is dangerous and can result in significant financial losses. So I am not responsible when the results of the positions to be taken on the basis of my charts since these constitute no basic signals but simply my own market analysis. As i always says, trade your plan and if you don't have any, avoid trading.) Update status
by BLUE43
1
A short set up on the EUR/NOK.A Cup and Handle pattern formed from the highs of December 2008. The black horizontal level at 9.15202 provided strong resistance early to mid 2009 (red arrows), it came back into play December 2014 and January 2015 (red arrow) again providing strong resistance. From September 2015 until the end of the year that level became strong support (green arrow). A broadening formation from september 2012 has also formed and January of this year we failed to reach the upper trendline before heading back towards the lower trendline as well as the 9.15202 area where the last green arrow is placed. The high probability trade would be to enter short close to the red dotted upper channel trendline and close on the support level at 9.15202 or there abouts.
Short
by BitterSweetMarkets
Undecision before Norges Bank meetingWeekly: - Major bullish trend and bullish Ichimoku setup - Price pulled back to Kijun Sen, but could not stay below. - Heikin-Ashi candle shows undecision at Kijun Sen. haDelta still below zero, but crossed above SMA3 Daily: - Trendline and bearish Kumo break, but no follow through! Lot of noise at lower side of Kumo during last 6 days. - Ichimoku setup shd be considered neutral, maybe with slight bearish bias. Chikou Span is also in past Kumo. - Heikin-Ashi: haDelta/SMA3 at zero --> neutral. Oscillator green --> bullish bias. Candles --> too much noise, even with this noise filter. - EWO is still bearish Oil started some pull back, and that correction itself puts some pressure on NOK and CAD again. However the major factor this week is the rate setting of Norges Bank on 17/March. Market has priced in some cuts. If Norges keeps on hold and/or gives less dovish comments, then EURNOK may break lower.
by Kumowizard
1
#EURNOK: High Probability Move To The Downside Likely! #ForexTraders, Bearish momentum visible here after we hit some decent technical levels. Really good opportunity to jump in shorts into continuation with a high probability bear move. This could also be part of a longer term down move correction. We could see moves towards the mean price from here, but we will see over time. ---Interested in joining my professional signals group? Message me here on Trading view or email me with the email address on my Trading view profile page--- Best of luck, Tom
Short
by TomProTrader