USDNOK: Overextended, at quarterly support...
USDNOK is in an active quarterly uptrend, and now retested a good long term support level. Longs from this zone are likely a very safe proposition, problem is having a safe enough stop loss for the trade, since the time duration of the trend is very long.
Price should rebound here, and if it does, it would be a huge reward to risk trade to go long with a tight stop. Alternatively, you can trade with a wider stop under 8.5234, to ride the quarterly trend, both are valid risk management approaches here. I'm choosing the former, since I want to squeeze a very high reward to risk trade if the signal works.
Best of luck,
Ivan Labrie.
Price should rebound here, and if it does, it would be a huge reward to risk trade to go long with a tight stop. Alternatively, you can trade with a wider stop under 8.5234, to ride the quarterly trend, both are valid risk management approaches here. I'm choosing the former, since I want to squeeze a very high reward to risk trade if the signal works.
Best of luck,
Ivan Labrie.
