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USD/NOK

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USDNOK trade ideas

USDNOK Found Support at 8.7 and Long Target at 8.9Trend Analysis The main view of this trade idea is on the 2-Hour. The fx cross USDNOK appears to have found support around the 8.7 price level, as the countertrend move in the currency appears to have ended. This produces an opportunity to go long USDNOK with initial resistance observed around 8.9, which can be an initial target for the fx cross. Technical Indicators The premise is based on the RSI emerging from oversold levels and currently near the 50 level at the time of publishing. Also, there is a positive crossover on the KST. Despite the fx cross being below its medium-term MA (75-SMA), USDNOK is above its fractal MA and testing its short-term MA (25-SMA). Recommendation The recommendation will be to go long at market. Stop loss will be set around the 8.7 price level and a target of 8.9. This produces a risk-reward ratio of 1.3. Disclaimer The views expressed are mine and do not represent the views of my employers and business partners. Persons acting on these recommendations are doing so at their own risk. These recommendations are not a solicitation to buy or to sell but are for purely discussion purposes. At the time publishing, I have a position in USDNOK.
Long
by Ceddy86
HOW TO TRADE LIKE THEM Current price action 4hr So in on this chart What I’m looking for is a short entry For reason I’d mentioned in the links below So I see a trap pullback into failed bullish continuation as this is seen not by the small bull candles cus the rally can pick up later but by them closing less on their highs as they trend up What I’m looking for is a bearish candle to close lower than the last candle and having a short to none lower shadow as this will most likely be the second high in the newly formed bear channel as the bears take the bulls pullback.. where I’ll short down to the correction .. Gl with understanding this free education for your benefit!
by Donajor8
1