EURNOK & GBPAUD updates

Morning Dynamic Traders

I hope you all had a great weekend and enjoyed the beautiful sunny day we had on Saturday. Hopefully Spring is on it's way!

An update on two trades I talked about last week.

GBPAUD - as you know I am short on this and it has been a very successful trade with over 500 pips in the move so far. Price has now broken a major support area and as of this morning is retesting/having a breather. There is always the chance this could be a FBO - but confluences of a TLR, downtrend, price below VI, ST - all stack up in favour of a trend continuation. This could also be a good opportunity to compound your trade if risk free.

















The Daily chart also presents a good set up for a classic BOB/ESLT trade or MOBO. Again there is a chance this could be a FBO, especially as price has been consolidating for some time. ESLT should provide that extra protection. Be aware of the RN which is not too far below - this may provide some support.

















EURNOK - Price did find support at the major RN 8,000 and bounced up. But we now have additional confluences for potential further price weakness. Price has now retested previous support as resistance, also tagging a fib breather and we have the added weight of a TLR, keeping price down. Again, a BOB of the low and of the RN is what's needed for a short entry.

















As always please carry out your own analysis. Have a great SM trading day!
Sonia Molina

EURNOK at RN

Good Evening Dynamic Traders

I hope you've all been having a successful few days on the markets. Yesterday saw some retracement on a number of pairs, but today many have gone back in the direction of the favoured trend again! So certainly some volatility around and for those who are day traders, there have been plenty of intra day pips for the taking! For the swing traders it's all part of the medium term strategy - patiently riding out the breathers.

I wanted to highlight the EURNOK tonight. I last mentioned this pair way back in early December where price was showing signs of weakening - and indeed it did. The trend is clearly down. In Oct-Nov time price did a deep pullback giving us the DT formation. Price then continued to weaken. You can see the general pattern of this pair - the moves down followed by consolidation.

















We're at a significant point with this pair now. Price is at a major RN - 8.000. With Monday's candle you can see the classic buyer/seller indecision at the RN - the markets weren't sure what to do and usually sellers start closing their positions in fear of price bouncing up. But today we have a bearish day and as we speak a possible bob of Monday's low.

Should price close beyond the support and RN we could see a continuation with the trend. ST is also forming another false bar. MOBO could be used here or for a safer trade a break and close of the support/RN and apply ESLT for extra armour. Of course price could do a FBO or even find support and bounce back up. But odds suggest a continuation could be on the cards!

As always please carry out your own analysis before placing any trades.

Abundant Trading!
Sonia Molina

EURNOK

Good Morning Dynamic Traders

I'm analysing the EURNOK today. It struck me as an interesting one to put on the watchlist for various reasons.

First the basics - the trend is currently down, confirmed with price being below the VI and the downward angle of the VI. Price looks to be a little on the volatile side, with some long wicked candles along the way, but with the right strategy and risk management in place this could be a trend worth riding. GETStochastics is also showing recent false bars at the bottom. So to trade with the trend, which is the SM approach, we'd be looking for a shorting opportunity.

We have two chart patterns in formation. A possible DT and also a triangle. The DT in a downtrend is a good sign for a continuation. The recent high almost tagged the VI resistance, which is clustered with a few other resistances. Take a look at the recent candles highlighted to uncover some more confluences. Now should a continuation down play out, we have the TL support below which is closely followed by a support line. My preference, for a more conservative trade, is to be patient and await a BOB of the squeeze, followed by a BOB of the next support.
















Gather your confluences and await a correct entry according to your trading style. Please carry out your own analysis.

Successful trading!
Sonia Molina