Hello traders, in this blog I want to discuss with you a trade setup we advised to our members in our Live Trading Room. It was USDNOK.
Our members know that USDNOK has an incomplete bearish sequence in the 4-hour chart, suggesting further weakness, targeting the areas of 7.1094+ equal legs. For members, it has been very clear how to trade this pair. Selling it in the sequence of 3,7, or 11 Swings. Let’s take a look at the previous short-term Elliott Wave forecasts.
USDNOK 4 Hour Elliott Wave Analysis 2.8.2018
As you can see on the charts below, we have ended the cycle from 12/20/17 peak in red “a” at the recent low. From that low USDNOK has corrected that cycle in a double three Elliottwave structure in black ((W))-((X))-((Y)) degree. Our high-frequency box (Blue box) where between 8.02561-8.1809. That was the area where we proposed our members a selling area. Invalidation of the short trade would be a break above the 1.618 Fibonacci extensions. Which comes at 8.18039.
USDNOK 1 Hour Elliott Wave Analysis 2.9.2018
On the 02/09/18, the USDNOK trade was initiated at our high-frequency box which I mentioned earlier before. The market entered that area and pulled back very nicely to the downside. At that point, we indeed still mentioned a possibility that USDNOK can extend in red degree wave 5 to end red “b” correction. However, this has not changed our overall short strategy in this pair.
USDNOK 1 Hour Elliott Wave Analysis 2.13.2018
Now, in the chart below you can see our recent 1-hour London update from USDNOK. You can see that the market nicely pulled back from our area. And the short trades which we proposed to our members in our live trading room is now break even. Which means that the trade is risk-free. Ideally, the market now should continue its weakness to the downside.
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