Elliott Wave Analysis: Trading USD/NOK with Right Side System
|In this blog, I want to share with you some Elliott Wave charts of USDNOK which we presented to our members. In the chart below you see the 1-hour updated chart presented to our clients on the 08/6/19. The higher degree trend of the pair is to the upside and the 1-hour timeframe as well. So our members know that the right side is higher. Consequently, we advised members that we like buying the pair.
GBPAUD ended the cycle from 07/29/19 low in red wave 3 at 08/02/19 peak (8.9574). Below from there, we expected a pullback to occur in red wave 4. The pullback unfolded in an Elliott Wave Zig Zag correction structure. We advised members that USDNOK should continue higher and that we wanted to buy the pair. Therefore, we expected buyers to appear in the sequences of 3, 7 or 11 swings. At the 100 – 1.618 Fibonacci extension of black ((a))-((b)) which came at around 8.885-8.844 area and that was the first area for us to buy with a potential stop loss below 8.8441 level.
USDNOK 06.06.2019 1 Hour Chart Elliott Wave Analysis
In the last Elliott Wave chart. You can see that the USDNOK reacted nicely from the blue box area. Any trades from our blue box area shown in the chart above are risk-free and already hit minimum target, or members took advantage of the blue box and made a decent profit. Please keep in mind that the 4-hour chart which I presented can have changed already. This blog should just illustrate how accurate our blue boxes are, and how our members trade our 3-7 or 11 swings strategy.
USDNOK 08.07.2019 1 Hour Chart Elliott Wave Analysis
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