You already know what my philosophy about trading is:
Trade the currency pairs that have the clearest market condition and the greatest profit potential.
One of the most costly mistakes novice traders make is to focus only in one or two currency pairs (included me of course).
Their reasoning is that they want to get to “know” that currency pairs…
But the thing about it is that sometimes currency pairs are not tradable, meaning that they dont have a clear market condition, and if it doesn’t have a clear market condition, we dont know what it it likely to do… And we’ll still force ourselves to take trades.
Put it this way, if there is a clear market condition, the market could still move against us… imagine what happens when we have absolutely no idea of what the market is likely to do?
You see where I’m getting at right?
Let me know if you have any question about this in the comment section.
Now, lets get to the currency pair I was talking about…
And the currency pair is…
The Norwegian Krone vs the US Dollar, have you traded this one before?
USDNOK Long Term Analysis
Here is the weekly chart:
It’s clear that the market already broke through an important resistance level, and now it is likely to continue its way up until it reaches its next LT level at 6.5903.
I’m showing you the weekly chart so you see where is the next LT level at. Plenty of room ha?
If you take a look at the daily chart, you’ll see the LT range.
USDNOK Short Term Analysis
Now, let me show you the 15M chart:
Clear range in the short term charts, we’re already in a clear bullish condition, you know what follows right?
Look for a long signal.
Do you trade the USDNOK? Or any of the other Krones?
What do you think about my analysis?
What other currency pairs are you trading/monitoring?
Share your thoughts.