NOKEUR trade ideas
Long Trade - EURNOKEURNOK doing a triangle consolidation, waiting for the break and then the retest of the Daily support to go long.
The EUR/NOG exchange rate is having some difficultiesThe euro to Norwegian krone exchange rate is having some difficulties climbing up in the trading sessions. But luckily for bears, the odds are looking better for the Norwegian krone. Looking at it, the strength of the Norwegian krone is mainly driven by crude prices and it’s also affected by the single currency and the performance of other currencies in the region. As of writing, oil prices continue to hold on despite the heavy pour of bearish news. It was recently reported that the Organization of the Petroleum Exporting Countries finally relaxed its historic production cut and the markets are bracing for more. This comes as major economies continue to open their economy and ease their travel restrictions despite the still increasing number of COVID-19 cases around the world. Earlier this year, the group agreed to dramatically reduce their production to prevent oil prices from plummeting, this also helped the cause of the Norwegian krone.
EURNOK IS EXPECTED TO BREAKOUT SOONI will like to see bullish momentum on this pair so that we can join the move to the upside.It promise to be a nice trade.Thank you
EURNOK - Opportunities! Not my usual choice, but if there's a good clean set-up I will go ahead and analyse it further.
EUR/NOK - Will the bullish momentum continue?
Technical Aspect:
- Pattern wise - Looks like inverse head and shoulders.
- As long as its above that trend-line up the bulls are still in control
- This trade idea, could reach towards 161.8 areas
As the market moves in waves, nothing goes up in a straight line - Pull back is due EUR looking very over extended.
There's various options you could take:
- Do the pull back towards this trade
- Wait for the pull back and then advance towards next resistance areas.
Please keep in mind below that key trend-line up the bears are in control - only until then!
Remember: Just an idea, not a recommendation.
Have a great weekend ahead.
EURNOK look for a retracement? 🦐EURNOK has been moving inside a discending channel between the orange trendlines.
Lately the market has move inside a minor channel and currently is consolidating below a daily structure.
If the market will manage to break and close above the structure we can set a nice long order according with our strategy .
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Follow the Shrimp 🦐
Here is the Plancton0618 technical analysis , please comment below if you have any question.
The ENTRY in the market will be taken only if the condition of Plancton0618 strategy will trigger.
EURNOK Trading PlanPattern: Triangle on 1D.
Signal: (A) Bullish if the Resistance breaks, (B) Bearish if the Support breaks.
Target: (A) 11.800 (0.5 Fibonacci retracement level), (B) 10.000 (the Lower Support).
** Please support this idea with your likes and comments, it is the best way to keep it relevant and support me. **
EURNOK Long I am going long on EURNOK after seeing multiple 4 hour rejection candles form at a Daily support level. I will be targeting previous resistance.
EURNOK - BUY on H4 - broken falling wedge patternbroken falling wedge pattern
price is approaching bottom of ST corrective structure
EURNOK Bullish IdeaAt the opening of the market I'll be speculating price reaction as price makes its way into the triangle looking for Long Confirmations.
Patience will play a big role in this pair as I expect price to take the majority of traders into an emotional rollercoaster, candle stick confirmation, Risk/Reward & Price Patterns will play a big role in this entry if reached.
EURNOK Short - FlashcardEURNOK Short
Direction: - Pair is in Bearish Order Flow and has Bearish Momentum on the H4 and Daily.
- Pattern formed in the Bearish H4 OB (Order Block).
Entry: - W (Double Top) Pattern Formation.
- Divergence occurred.
- RSI crossed volatility bands (Shark-fin), indicating a drop in the pair.
- RSI near the 68 (exhaustion zone), indicating pair was overbought.
- 13 EMA cross on second leg of pattern confirmed drop. This is my entry.
- MBL (Market Base Line) curved downwards after entry, confirming drop.
- 800 EMA showed resistance to the pattern.
Exit: - 40 pip SL @ above high (top of H4 OB).
- 71 pip TP @ day close. Did not go to original TP, however I do not like holding trades for more than one day, so I closed the trade before the day ended.
