NOKUSD trade ideas
Krone. Small timeframe. Controversial.As you can see we have ended the 1st wave.
And now there are two possibilities:
1)We already begin with short(as on the plot).
2)2nd wave isn't done yet -> c wave is coming(This variant isn't preferable because we have already crossed resistances (0.382 and 0.618)).
Potential good trade?Exotic markets are risky, but I see good indication on this one. Not risking crazy amount, but I put in my trade at 8.59. Looking to take profit on the way up. I would honestly wait to trade until the 1 and 7 day moving averages cross, as it seems to be a strong indicator on this chart. At around 9.00 I expect a continuation of the down trend. I will still be watching for the next indication for that as well. Lets see how it goes!
Where does this go next?THe chart pattern tells us that reversal is extremely likely (and the bottom was already hit and USD is becoming stronger. In that case USD follows the YELLOW dashed arrow
However the oil prices going up are making the NOK stronger and this means that the USD should actually go down along the GREEN dashed arrow and break the last support (horizontal green line).
I am not sure which of the two dashed arrows will be true.
What is your opinion?
USD/NOK: PRICE ACTION + BEARISH HARMONIC GARTLEY 🔔Welcome back Traders, Investors and Community!
Analysis of #USDNOK
If you have found this useful then help us support my page by hitting the LIKE button.
If you are not subscribed yet then please feel free to follow my page for daily updates and ideas. Thank you
It means a lot to us!
***
Strategy: Bearish Gartley on H4 timeframe - We will be waiting for all the confirmations to enter in this trade.
A clear chart is Always the best business card for a trader.
***
Your support and feedback will always welcome
Thank you for your time.
The information contained herein is not intended to be a source of advice or credit analysis
Regards,
Walter