In this technical blog, we are going to take a look at the past performance of USDNOK 1-Hour Elliott wave Charts that we presented to our members. In which, the cycle from 6/24/2019 low showed a higher high sequence in an impulse structure with the right side up called for more upside to take place. Therefore, our members knew that buying the dips into the direction of the right side tag remained the preferred path. We will explain the Elliott wave structure & buying opportunity our members took below:
USDNOK 1 Hour Elliott Wave Chart
Above is the 1 Hour Elliott wave Chart from 8/06 NY update, in which pair made a wave 4 pullback towards the blue box area. The internals of a pullback unfolded as a zigzag structure where wave ((a)) ended at $8.8891 low. Wave ((b)) bounce ended at $8.9517 high and wave ((c)) was expected to reach towards the blue box area at $8.8854-$8.8441 100%-161.8% Fibonacci extension area. Then from there, pair was expected to find buyers into the direction of right side tag looking for new highs ideally within wave 5 before a pullback could take place.
USDNOK 1 Hour Elliott Wave Chart
USDNOK 1 Hour Elliott wave Chart from 8/07 NY update, in which pair managed to reach our blue box entry area at $8.8854-$8.8441 100%-161.8% Fibonacci extension area and bounced to new highs as expected. Also, the pair then managed to reach minimum extension area for wave 5 at $8.9741-$9.0010 area to the upside i.e inverse 123.6%-161.8% Fibonacci extension area of wave 4. Hence our longs from the blue box area reached the target area to the upside as expected.
Keep in mind that the market is dynamic and the view could change in the meantime. Success in trading requires proper risk and money management as well as an understanding of Elliott Wave theory, cycle analysis, and correlation. We have developed a very good trading strategy that defines the entry. Stop loss and take profit levels with high accuracy and allows you to take a risk-free position, shortly after taking it by protecting your wallet. If you want to learn all about it and become a professional trader. Then join our service by taking a Free Trial.
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