NOKJPY long opportunityits on a very oversold position now on weekly. I enter this because of the possibility of expected hike on september from Norges Bank.
NOKJPY trade ideas
Resistance rejection on long term Rectangle. Short.NOKJPY is trading within a monthly Rectangle (RSI = 51.832, ADX = 21.125, CCI = 20.9692, Highs/Lows = 0) since early February (13.3500 - 13.900). Since July 10th it has been rejected 3 times on the Resistance so a short has been added, TP = 13.4897.
MEDIUM TERM VIEWThis is my medium time projection for this pair.
Price getting closer to key level and possibly we might have a bigger wave up as wave of bigger degree correction or breakout of lower trend line and huge wave down which should break previous swing low to complete last impulse to downside on monthly view.
Keep track of this as we will have fantastic opportunity to enter with good RRR either way structure develops.
NOK/JPY - 40 Pips Short - Risk:Reward of 1:2Same as USD/JPY and some other xyz/jpy pairs, NOK/JPY is looking forward to lose more.
No support has been found yet and so we can long term short for now and ride the trend downwards.
Happy trading!
JPYNOKDemand zone ahead, possible retracement, long opportunity.
Stuff to remember:
— First look for significant move, then follow it to its origins where you might find a suitable level to evaluate further
— Make sure the initial move is significant on the same timeframe as the one you use for viewing your candidate level most clearly
— Check the distance that price traveled before the trend ended, longer distances mean larger initial imbalances and improved probabilities in the future
— The strong initial move can contain a few small retracements but not so many that make this move slow and weak
— Avoid opposing levels on the same and immediately higher timeframes, prefer to have a clear road ahead for your trade to run
— Make sure your level is placed correctly (low for Demand, high for Supply) in relation to the big picture's important tops and bottoms
— Trading the first return of price to a valid "fresh" level carries the highest probabilities due to the larger imbalance
— A valid level is considered "fresh" if price has not returned to it since its creation. It has nothing to do with how old the level is
SHORT NOKJPY DURING STERILIZATION BY CENTRAL BANKSAfter reaching the upper medium term band for 15 % width of band as permitted by the monetary policy, the Norwegian central bank and the BOJ undertook market sterilization to slower the strengthening of the NOK in the market. Accordingly, short the current sterilization (short term band) is feasible with the following details:
Short at 14.00 and the current rate 13.80
Stop loss at 14.17
Target T1. 13.55 T2. 13.00
Duration: 2-3 months
Risk Management:
After visiting the level of 13.50 manage the stop loss to entry rate for risk free trading position management
Note:
To follow up and evaluate the performance of this analysis please click the chart periodically and then >, to include any updates on the analysis as may be made during the trading.
NOKJPYWeekly Showing Strong Momentum. You can't enter the trade here. if your not in yet, wait for a pullback and then go LONG.
Weekly is above Alligator , Daily Is Above Alligator, Trend is UP
More evidence for USDJPY drop due to 89% positive correlation!!Double top with my custom recognition technique
DIAMOND PATTERNWe have possibly diamond pattern in development on daily time frame.
It would be good idea to sell after breakout of trendline to target as marked on chart.
Open your horizon for good tradesWhen markets are uncertain and major pairs and ordinary crosses are hard to trade due to whatever cloud that hangs over them - it is time to look elsewhere for trades for a while.
This is one example. NOKJPY has spiked down to make a multi-year-low, but the structure you see on the chart is fighting back. If you trade based upon trend lines you see that there is still a downside risk.but the upside potential is huge as well.
trade this one based upon the monthly open as I do. If you dont know how to then just pm me and I will tell you how to.
JPY/NOK - Bearish Three DrivesHope everyone enjoyed their weekend, let's get into the charts ready for the week ahead. Here we have JPY/NOK on a Daily chart forming a three drives pattern, as we can see from previous price movement the pair has been trading within a channel.
The three drives pattern is one of my favorites, when trading them it’s important to take a step back and look at where you are in terms of the overall flow of the market. Typically this pattern forms with trend, in this situation it's an uptrend.
The measurements for a valid three drives pattern are detailed below.
A-C: 1.272-1.618
X-B: 0.5 - 0.886
C-E: 1.272 - 1.618
B-D: 0.5 - 0.886
We are approaching a key level of resistance around the 0.07900 area just below our E point, the chart is shown below.
There are also a variety of M patterns forming on different time frames. Once we complete the E leg we will be entering a short position, if you have any additional analysis on this pair please feel free to comment below.
