GBPNOK trade ideas
Quantitative Trading Group GbpNok AnalysisGbpNok Sell @ 12.70154
Tp: 11.9904 Sl: 13.0684
4 hourly time frame
Our trading approach is solely based on a quantitative trading approach. We use a combination of momentum and reversal as part of the general strategy in quantitative finance to predict the net sellers and buyers in particular assets we trading. We are taking a sell on gbpnok on the H4 time frame as it has an accumulation of 5 net buyers with a quantitative power reversal commutative value of exactly 925.
It is, however, difficult to illustrate this on this platform as it is restricted to technical tools.
GBP/NOKTime is very difficult for NOK as markets in Norway are not only facing problems with COVID-19 but are also facing Oil price war at the same time. Droping oil prices might bring major market shift from OPEC to Norway's Independent market. but as far as we are concerned NOK needs to come a little lower before it hit the higher levels. We did not see spike this high in NOK before so either use SL or Hedge to cancel trades.
GBP/NOK Cup & Handle Possible Cup & Handle, which is a very strong continuation pattern, so far price has failed to make a lower low and has found support at 11.5000, upon retesting the recent high it failed to break above resistance and pulled back to 11.9000 where there seems to be some support. If support at 11.9000 holds, we could see price make another attempt at breaking the high of 12.2000, a successful breakout would result in the completion of the Cup & Pattern. Therefore, a buy entry upon retesting the breakout would be justifiable.
GBPNOKFOREXCOM:GBPNOK
I will continue to post thought -out analysis.
1) The outcome candle (purple candle) liquidity grab on a retail pattern printed by smart money.
2)Outcome candle falls between the green zone (.786 - .886 Fib levels from the weekly bearish candle)
3)Take profits below a retail support level
4) 8:1 ratio trade