Strategies for Trading Exotic Currency Pairs
Exotic currency pairs offer unique opportunities in forex trading, combining major currencies with those from emerging or smaller economies. While they may be less frequently traded than major or minor pairs, their higher volatility can lead to significant price swings. This article delves into exotic currency pairs...
You're never gonna keep me down,
I get NOKed down, but I get up again,
You're never gonna keep me down!
Now that you all hopefully have the song stuck as much into your head as I have ;) we can go straight to the facts:
It is true that over the past two years, the Norwegian krone has all too often been one of the big losers in the FX market.
Not only has it...
lager scale view i hope i nailed it here. Let this setup be the trade that will change your life for the better. Trade the last leg wave (e) and the last impulse wave 5.good luck God Bless you all...
EUR/NOK 4H Chart Analysis: Exploring Cycles and Sine Waves
In this EUR/NOK 4-hour chart, we've delved into the fascinating world of market cycles and sine waves to hypothesize future price movements. By closely examining the rhythmic patterns of the market and applying cycle analysis tools, we aim to capture the essence of the currency pair's fluctuations.
The...
The EURNOK pair is currently testing the 1D MA200 (orange trend-line), being at the same time supported by the 1D MA50 (blue trend-line). This ranged trade is the Higher High after the pair bottomed on December 27 2023 and started rising within a Channel Up.
Based on the similar bottom rebound after the July 25 2023 Low, we expect the pair to reach the 0.5...
The EUR/NOK pair is showing classic signs of a resistance ceiling at the 11.47 mark, coinciding with the peak of a visible cyclical pattern on the monthly chart. This level has historically acted as a strong barrier, repelling bullish attempts.
The MACD indicator echoes this sentiment, with the histogram exhibiting a bearish crossover, potentially signaling...
EURNOK is currently in wave 4, which appears to be a flat correction. Flat corrections consist of 3(A) 3(B) 5(C) subwaves. We are currently in wave C = 5 subwaves. We are anticipating one final move down to complete wave C.
Trade Idea:
- Enter on break of trendline or signs of reversal
- stops above blue structure or above price once entry trendline breaks
-...
this is my bearish trend idea. However wait for a fall back to a key level after trend continue to downtrend momentum, because overall structure breakout and continue to downtrend. You can see it high time frame momentum. Good luck
EURNOK is currently giving us a masterclass on Elliott Wave.
We have the perfect impulse schematic, which follows every rule of Elliott Wave Theory.
IMPULSE ELLIOTT WAVE SCHEMATIC
Wave 1 = 5 waves (Impulse)
Wave 2 = 3 waves (Correction)
Wave 3 = 5 waves (Impulse)
Wave 4 = 3 waves (Correction)
Wave 5 = 5 waves (Impulse OR Correction in the form of a diagonal)
...
I am still not very convinced on current levels anywhere between 10.3500-10.4500. It appears to gravitate between 10.2500-10.4700 upper band, and for that reason we should be sell considering the upper range we are in.
Strategy SELL @ 10.4100-10.4500 and place SL above 10.5150 and take profit @ 10.2650.
this is my bearish trend idea. However wait for a fall back to a key level after trend continue to downtrend momentum, because overall structure breakout and continue to downtrend. You can see it high time frame momentum. Good luck
The pair is under pressure with a negative stochastic, and a close resistance of 11.3200 rounded.
Strategy SELL @ 11.2800-11.3000 and place SL above 11.3550 and take profit @ 11.0300.
