Pattern: Channel Up on 1W. Signal: Bearish as the price is approaching the Higher High. Target: 6.4500 (near the Higher Low zone).
Here's one of the recent pairs on my watch list for this week. We can see that price has formed a confirmed range and is moving down towards resistance. For me a confirmed range means a minimum of 2 price rejections at a price level. It may or may not reach support this week. It all depends on the price momentum. In general, when trading ranges it is important to...
I show a rare trend switch on CADNOK for the south on the daily time frame. This usually means business. CADNOK is a very violent pair to trade but potentially one that can deliver. Wide stops and big account sizes are needed.
wow, what a significant resistance there!!! let's just try to XXX it you must know what does XXXX refer to
The pair has been trading within a 1D Channel Down pattern (MACD = -0.003, ADX = 20.845, B/BP = -0.0351) with the neutral RSI, Highs/Lows indicating that it is near a Lower High level, hence an optimal short spot. As seen on the chart the High - Low sequence has been fairly straight forward and although it may hit 6.4600 again, the current level offers a...
=> This week we have BoC on deck with a widely anticipated rate hike. The sales and consumer prints last week came in softer than anticipated and we see this as a great valuation driven pullback. => Here we are targeting the recent highs with stops at the lows. From a technical point of view we can see the early longs had their stops run on the data pullback. =>...
The last TP = 6.0866 hit and CADNOK has since rose within the long term 1W Channel Up (MACD = 0.038, Highs/Lows = 0.0111, B/BP = 0.0930) which is now pulling back towards its potential Higher Low (RSI = 53.641) near 6.27730. That is carried out within a 1D Channel Down (green channel, Highs/Lows = -0.0262). Once the low is made, we will be going long, TP = 6.500.
CADNOK is making some impulsive moves and we should see further development in buy side. Trade with care as pair is highly volatile.
Buy on counter-trend support level, sell at trend line resistance.
CADNOK is normally a WTI/BRENT spread pair but in this instance, I feel that the Norges bank rate hike may be priced in somewhat. On the other end of the scale the Canadian Dollar looks slightly undervalued and if WTI continues on this amazing run we could see some CAD appreciation. Long term I am looking for the NOK to pull back against most crosses as all of...
Symbol CADNOK Interval 15 Min Pattern Channel Up Length 123 Candles
CADNOK is on a common Channel Down on 4H (RSI = 37.434, Highs/Lows = -0.0223, B/BP = -0.0495). It is now looking for the next Lower Low but is near two important 1D support levels (6.12584 and 6.0866). If they break then 6.04 will be the Lower Low. Our TP is the 2nd support = 6.0866 and we will pursuit 6.0400 with SL brought down on profit zone.
Very strong match fractal from last cycle Jan-Sep 2016
So it ranges, next move is down, I'd say. But tops and bottoms are free money. Trade show 2.2:1
look at this nice box right at demand, there are two outside candles in NY and London session. Banks are buying? Wait for Break out.
watch out for a possible breakout of weekly correction