Trade Setup: USD/NOK – 6 Oct 2016

6 Oct 2016
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6-oct-2016-usdnok

Candle Stick Pattern: Variation of Morning Star at (1).
Confirmation:

  • Touched outer band of Bollinger Band at (1).
  • Stochastic oversold range at (3).
  • High volume at last 2 bar at (4) also confirming the direction.

Signal: BUY
Entry Point: 8.0223
SL: 7.9621 (Lowest low of morning star bars)
TP: 8.3163 (Recent major resistance at (2), we also close position partial at (5))

[UPDATE 1 – 12 Oct, 2016]

6-oct-2016-usdnok-cont

Booked partial profit as it reaches first short target.

[UPDATE 1 – 14 Oct, 2016]

6-oct-2016-usdnok-cont-2

Closed the trade in profit as the trend changes.

 

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