Hello fellow traders. In this article we’re going to take a quick look at the Elliott Wave charts of USDNOK, published in members area of the website. We have favoring the long side due to impulsive bullish sequences the pair is showing in the cycle from the 9.33 low. Consequently, we recommended members to avoid selling the pair, while keep favoring the long side. Recently the pair made a short term pull back that has given us buying opportunities. In the further text we are going to explain the Elliott Wave Forecast and trading strategy.
USDNOK Elliott Wave 1 Hour Chart 07.07.2022
Currently the pair is giving us intraday (ii) blue pull back that is unfolding as Elliott Wave Zig Zag Pattern. Wave (ii) Pull back looks incomplete at the moment. We expect to see more downside toward 10.041-9.976 ( Blue Box – buying zone) . We don’t recommend selling the pair against the main bullish trend. Strategy is waiting for the price to reach blue box zone, before entering the long trades. We expect buyers to appear at the blue box for the further rally toward new high ideally or for a 3 waves bounce at least . Once bounce reaches 50 Fibs against the b red high, we will make long position risk free ( put SL at BE). Invalidation for the trade would be break of marked invalidation level 9.976
Quick reminder:
Our charts are easy to trade and understand:
Red bearish stamp+ blue box = Selling Setup
Green bullish stamp+ blue box = Buying Setup
Charts with Black stamps are not tradable. 🚫
You can learn more about Elliott Wave Patterns at our Free Elliott Wave Educational Web Page.
USDNOK Elliott Wave 1 Hour Chart 07.08.2022
USDNOK has given us more downside toward blue box as expected. The pair found buyers at the Blue Box area: 10.041-9.976 and we are getting good reaction from there. Raly from the buying zone made break of previous peak confirming wave (ii) is done and we can be ideally trading within (iii) blue. As a result , all long trades are risk free (put SL at BE) + partial profits have been taken.
Keep in mind that market is dynamic and presented view could have changed in the mean time. You can check most recent charts in the membership area of the site. Best instruments to trade are those having incomplete bullish or bearish swings sequences. We put them in Sequence Report and best among them are shown in the Live Trading Room
Elliott Wave Forecast
Source: https://elliottwave-forecast.com/forex/usdnok-buying-dips-blue-box/