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, higher time frame charts showed higher high sequence favored more upside to be taking place. Therefore, our members knew that buying the dips in 3, 7 or 11 swings remained the preferable trade. We will explain the Elliott wave structure & buying opportunity our members took below:
USDNOK 1 Hour Elliott Wave Chart
USDNOK 1 Hour Elliott Wave Chart, in which a rally to $9.1820 high ended wave 1 in an impulse structure. Down from there, the pair made a wave 2 pullback. The pullback from the peak unfolded as a zigzag structure where wave ((a)) ended at $9.1030 low. Wave ((b)) bounce ended at $9.1355 high and wave ((c)) ended at $9.0486 low. After reaching the blue box area at $9.0558-$9.0066 100%-161.8% Fibonacci extension area. Thus offered our members buying opportunity. Up from there, the pair rallied to new high as expected thus confirmed the next extension higher in wave 3 as another impulse structure when wave ((i)) ended at $9.2107 high in 5 wave structure.
Down from there, the pair made another short term pullback in wave ((ii)) to correct the rally from 10/11/2019 low ( $9.0486). The internals of that pullback was expected to unfold as a Flat structure where wave (a) ended at $9.1371 low. Wave (b) bounce ended at $9.1968 high and wave (c) was expected to reach $9.1227-$9.0769 100%-161.8% Fibonacci extension area at the start of the week for another short term buying opportunity looking for more highs or for 3 wave reaction higher at least.
USDNOK 1 Hour Elliott Wave Chart
Here’s USDNOK Latest 1 Hour Elliott Wave Chart, in which pair managed to reach the blue box area at $9.1227-$9.0769 100%-161.8% Fibonacci extension area of (w)-(x). And showing the reaction higher taking place from the blue box area, allowing our members to create a risk-free position shortly after taking the position. However, a break above $9.2107 high would remain to be seen to confirm the next extension lower & avoid double correction lower. It’s important to note that, we have to change the structure of the pullback from Flat to double three structures based on cycles & distribution system but the overall strategy remained to buy the Elliott wave dips in the pair.
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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