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U.S. Dollar / Danish Krone

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USDDKK trade ideas

USDDKK: Peak formed. Excellent sell opportunity.USDDKK is forming a Channel Down pattern after getting rejected on the HH trendline of the top of the long term Megaphone. This was enough to turn the 1D timeframe neutral (RSI = 51.567, MACD = 0.023, ADX = 24.458). This High is consistent with the two peak formations prior to that and the common characteristic is that all (including the current) have formed LH trendlines on their 1D RSI. The 1D MA50 is the first line of support, but we target much lower (TP = 6.8000) as the decline range on those two bearish legs has been -4.90% to 5.60%. ## If you like our free content follow our profile to get more daily ideas. ## ## Comments and likes are greatly appreciated. ##
Short
by InvestingScope
USDDKK Overbought and in need for a 1D MA50 correction.The USDDKK has been rising almost non-stop since mid-July and last week completed a Golden Cross on the 1D time-frame. On a 7-year span, every 1D Golden Cross pattern extended a long-term uptrend that was already underway. On the last 2 occasions in particular, the uptrend that started has been extremely strong but when the 1W RSI came close to the 70.00 overbought level (is 63.50 currently), it started a correction towards the 1D MA50 (blue trend-line). We will sell when we see the first red 1D candle and target 7.0000 (close earlier if it hits the 1D MA50 first). ------------------------------------------------------------------------------- ** Please LIKE 👍, FOLLOW ✅, SHARE 🙌 and COMMENT ✍ if you enjoy this idea! Also share your ideas and charts in the comments section below! ** ------------------------------------------------------------------------------- 💸💸💸💸💸💸 👇 👇 👇 👇 👇 👇
Short
by TradingShot
1
USDDKK – Bullish? Not really but watching … week of 14 Nov 2022This pair has been falling like a ton of bricks the whole of last week. I have a feeling this could change now, because: - the area around 7.1800 has been a solid S/R zone for this entire year. - The 200 dma is nearby too and could act as dynamic support. However, I do need to see some evidence of bullish strength before I commit to a trade. For this is I will be monitoring price action on 4 hour and even the 1 hour chart, looking for signs that the bulls are gaining control. These signs can come in the form of double bottom, hammer or an engulfing candle formation. For now this is a counter trend idea, so even if a setup forms, I would recommend an initial half position size. If this works out as per my expectation, we should have a +2R trade, with a possible extension to 4R. Always use sound money and risk management and stay patient in all your trades. If you like my analysis, please give it a “thumbs up” and follow me to get even more awesome content. What do you think about this trade idea? Please comment and share your thoughts!!
Long
by Trading_Vista
USDDKK Excellent Sell & Buy Signals within this MegaphoneThe USDDKK pair has been trading within a Bullish Megaphone pattern since the January 28 2022 High. Every of the pattern's Higher High has been on a +0.5 Fibonacci progression starting from Fib 1.0 and with the most recent two days ago on the Fib 2.5 extension. Those Fibonacci levels are an even longer-term pattern that you can see if you zoom out of the chart. What has given incredibly accurate signals within this Megaphone has been the 1D RSI. Every top within its Resistance Zone has been a Sell Signal while every rebound on the Support Zone has been a Buy Signal. As you see three days ago the RSI topped within the Resistance Zone and pulled-back aggressively, giving us the most recent Sell Signal. Technically the target is the 1D MA50 (blue trend-line) and the bottom (Higher Lows trend-line) of the Megaphone where we can buy again once the 1D RSI hits its Support Zone. Naturally, if the same Fib progression is followed, we should expect the Megaphone to make its next Higher High on the Fib 3.0 extension. Be aware that a candle close below the Megaphone can invalidate all this and instead start targeting the lower Fib levels as a correction. In such cases we can expect the longer-term Support of the 1D MA200 (orange trend-line) to be tested. ------------------------------------------------------------------------------- ** Please LIKE 👍, SUBSCRIBE ✅, SHARE 🙌 and COMMENT ✍ if you enjoy this idea! Also share your ideas and charts in the comments section below! This is best way to keep it relevant, support me, keep the content here free and allow the idea to reach as many people as possible. ** ------------------------------------------------------------------------------- You may also TELL ME 🙋‍♀️🙋‍♂️ in the comments section which symbol you want me to analyze next and on which time-frame. The one with the most posts will be published tomorrow! 👏🎁 ------------------------------------------------------------------------------- 👇 👇 👇 👇 👇 👇 💸💸💸💸💸💸 👇 👇 👇 👇 👇 👇
by TradingShot
2