Daily very extended from the 8 EMA Volumes on the 4hr show serious slowing around Fridays high one last volume push to crate monthly high with no appetite to sustain this. Possible shake out of shorts. Currently at trading at 10.36308 the above entry for retracement traders to be assessed on Mondays price action I'm already in so need to tough it out until the European session opens. No resistance until 10.27300 although watch 10.33200 for slow down or consolidation. If it breaks below 10.2600 re enter with trailing stop down to 10.08200 Some minor news Monday Markit PMI and more news Tuesday remember oil price effects the NOK and also the spread is at times outrageous so time the entry. My first post so go easy on me amigos
Break Close Retest
Wait for Break close and retest of the trendline for confirmation to the down side. EJ has failed to break above the 50% pullback of the previous momentum downward. Also this level corresponds to a major daily resistance. With market sentiment in risk off mood, the bias is there to the downside to the TP of 122.400. Nice risk to reward ratio. Good luck guys.
Possible Naked Trade
See the instructions on the chart. Nice risk to reward ratio. MArket sentiment risk off should support this trade in term of directional bias. There is a TP2 @ 112.200 if TP1 is hit, I will be placing my SL at TP 1. Good luck
Naked Setup
Bullish Engulfing Bar at a level of significance but not a new low. Possibly period of risk-off is why I have gone with this. Entry Buy Stop Order at 1.32280 Stop Loss at 1.31000 If TP1 is hit at 1.33626 move stops to break even. TP2 at 1.35000 Good luck.
Break Close Retest
Possible Naked Trade
Naked Setup
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Andrew Lockwood
X30+ years experienceStarted in the trading pits of London with some of the biggest traders in the world. Migrated to screen trading around 2005 now trades full time focusing on FX, Indices, commodities.
Max Norbury
X10+ years experienceMax is a diligent and pro-active individual with a wealth of experience in technical and fundamental analysis, high-probability trading and mentoring within the financial markets. He has also has a variety of non-accredited analytical certifications.
Mark Bennell
X15+ years experienceCertified Financial Technician (CFTe), Diploma of Technical Analysis, Diploma of Share Trading and Investment. 14+ yrs trading experience. Focus on the process and the money will follow.
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