Great opportunity in a currency pair you haven’t traded (yet)

Norway-Flag

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 USDNOK….

The Norwegian Krone vs the US Dollar, have you traded this one before?

USDNOK Long Term Analysis

Here is the weekly chart:

USDNOK 1W

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:

USDNOK 1H

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.

Your turn

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.

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Raul Lopez

I’ve been trading the markets for more than 15 years. I believe the best way to trade is by adapting to the market conditions. You can learn it too, join our community .


  • Chad Hogan

    Hey Raul how are you?

    Your dead right, I never trade those pairs. I guess its because I’m never sure of the pip value, some of those pairs are quite different and their spreads are considerably more. I’ll definetely check it out though. Its something I’ve been meaning to look into for a while, you’ve prompted me. Have a look at DJ 30 and be ready for the breakout! Thanks for the insight mate.

    • Raul Lopez

      Hello Chad,

      Each pips is worth around US$1.56 (standard lot), around ten times smaller than most currency pairs… so its actually not that bad!

      The DJ30 is trading near a resistance level right? In a short term range, and yes I agree, once it breaks through that level, I’ll be ready to trade that too…

      Good luck mate!

  • Budi

    Hi Raul,

    Please note that the short term chart above is 15 min chart, it make me confuse at first as you mentioned it as hourly chart.

    • Raul Lopez

      You are right Budi… I’ll change that right away!

      I appreciate it!

  • amp888

    Hi Raul,
    You mentioned that one of the costly mistake is to focus only 1 or 2 currency pairs. It takes too long to scan so many currency pairs when it takes 30 minutes to scan only 1 pair. How do you scan and what are you looking for the opportunities daily?

    • Raul Lopez

      Hello Amp, I guess it depends on the methodology you are using to scan the currency pairs…

      I spend around a minute per currency pairs, to determine whether I’m going to trade it or not…

      Follow the methodology on my eBook…

      Good luck!

  • Chris Williams

    Raul – love the novelty but my broker is offering a spread of 55 pips on USD/NOK. Like ‘tp’, I think I’ll need to wait for a retracement to 6.3 too.

    What’s your view on the AUD/USD? Looks like it could be on its way to 89 cents.

    • Raul Lopez

      I know Chris, but please take in consideration that each pip in the USDNOK is only worth US$1.56 per standard lot, it’s around ten times smaller than what its worth for most currency pairs…

      The AUDUSD its too close to an important level now… So, I’m going to wait for now…

      Good luck!

  • If there is good upward pressure, would you join the band wagon?

    • Raul Lopez

      I’m already in, entered with the breakout of the ST range…

      Good luck Craig!

  • Muhammad Ali Awan

    hi
    any suggestion for CHFJPY.

    • Raul Lopez

      Yep, dont trade it… there are others with clearer conditions…

      Good luck!

  • tp

    I prefer to wait for USDNOK to pullback to test 6.30 before trading it

    • Raul Lopez

      Alright… Good luck TP!