USDNOK: Long term decline in play

The chart is clear for USDNOK, it's apparently forming a topping pattern (which you won't see me use often, sine they are quite rare, and often misdiagnosed...).
The time at mode analysis of multiple timeframes, points to a moderately high probability of seeing a decline back to 7.6543 by June this year.
The entry on chart, is one of many possible entries, albeit a safe one with a pretty much 1 ATR% stop, shielded below the current downtrend mode, as well as the key fomc resistance level on chart. I have entered higher, but this is a good opportunity to join this trend.

I'm trading it as a position trade, adding on subsequent trades, and any kind of technical pretext I can find, since I know it can most certainly arrive to the target on chart, and I'd reccomend doing the same. It's not frequent to find such strong trend reversals.
Good luck if taking this trade and remember overnight swap is positive for it, as a nice extra bonus and incentive to add to the winners every chance you get.

Cheers,

Ivan Labrie.

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Bình luận:

Retracement is a good area to average entry if you risked half.

Đóng lệnh: dừng lỗ:

We'll reenter when safe.

Bình luận:

Relative strength wise, CAD is acting much better, we'd rather take that one instead, as an oil proxy trade.

Bình luận:

Seems to be forming the aforementioned right shoulder now.
I'm flat this pair, focusing on usdcad instead. (and holding nzdcad)