USDNOK trade ideas
USDNOK On the rise...Hello my Follower,
Here i have USDNOK in a descending channel making a move upwards...
it has broken the trendline within a structure and made a 50% correction and now it's heading for a 50% fibonacci zone of the descending channel...so basically, i am trading a correction pattern of the previous bearish structure...
I thank you
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!