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USDNOK

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T0BY

T0BY

counterparty
Joined
15 December 2014
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I haven't traded forex for a while, but started watching USDNOK towards the end of 2018.

Oslo has the same time zone as Frankfurt, Paris ect and stock market opens same time.
During these hours the spread is acceptable, but being an exotic, I have noticed some liquidity issues. If Noway has any economic data coming out spreads are wide leading up to and during release. Also noticed the same thing if Sweden has economic data coming out. NOK and SEK are noticeably correlated. Trade between Norway and Sweden is strong. Also Norwegian Krone is correlated with oil as Noway is an oil exporting country.

I'm a short term trader, usually trading from a 5 minute chart. Traded futures in 2018, and was used to the different platform and volume played a big part of decision making.
Spot forex is a different beast and going to have to make do with tick volume (I have noticed this varies from broker to broker).

Anyway, looking forward to posting some charts.
 
First morning 2019. High tick volume earlier at an unusual time. After Oslo open and the test drive higher, it's come back into this price range which is roughly 100 pips wide.USDNOK.jpg
 
Again, like yesterday we saw high tick volume bar (narrow range) during the Asian session.
Noways unemployment was unchanged in Oct from Jul. Oslo opened and USDNOK initially went higher, before dipping below unemployment release bars range. First attempt failed to get back above this range- made lower low before punching up through. Next resistance that Range from high tick bar we had earlier..USDNOK1.jpg
 
Went long at what I thought might be a support level, but it fell through. luckily it came back and found resistance and gave me a chance to flip and double shortly after for the scalp..
USDNOK2.jpg
 
Hi Toby, thanks for sharing your charts and ideas.

This last one was an interesting place to go long? Can I ask what did you base this decision on?

Nice catch with the flip.
 
Hi Cogs, thanks for the question.

Price had come down to that level and made Low of Day. Then the Oslo Stock Exchange open is that high tick volume bar and it sort of hesitated around that area before a bit of a bounce up to that resistance range from earlier.
I thought there was a good chance it may act as a support level if price came back.
I don't mind "having a go" at a buy at LOD (or a sell at HOD) if I have an excuse. I find them more forgiving than selling at the Low or Buying at the High.

I like to get in as close as possible to where I know it's going to work or not. Trend days are not my strong suit. cTrader doesn't show where I had my stop loss (8.565). Bit of luck it turned around and came back up.
 
It sounds like you are 'in sync' with the currency pair, which I think contributes to more confident with entries/exits etc.
Do you find you get much manipulation on your entry? Although looking at your trading time of day, liquidity doesn't appear to be a problem.
The pair appears to closely track USD/CHF.
 
I try to be "in sync" with the currency pair. I guess that's my goal. Some days I feel more in sync than others. I find it easier to try master one pair than be a jack of 28.

I haven't noticed any manipulation on my entries (or exits).
Looking at the DoM, the liquidity provider / market maker only has 2 lots at top of book consistently. So something to be aware of if wanting to trade a bit more size, I'd break up orders.
I have not looked at the correlation between CHF and NOK before to be honest.

Personally, cTrader seems more geared towards traders, while MT4/5 is made for brokers. More order types available and a bit better transparency.
 
Norway's Core Inflation YoY fell slightly back to 2.1 (from 2.2) as food prices corrected lower. Which saw USDNOK move from todays low to make a high. But markets were expecting this and had factored it into the price already (Norges Bank forecast was 1.9).
Took the fade back to a high tick bars range from earlier.
USDNOK3.jpg
 
A couple of trades today. Loss on the first trade and made it back with the second (with a little interest).

Another thing I prefer with cTrader is the ability to see more details regarding the entry and exit of every trade through the little "information" button next to the trades in the history tab.
pos info.jpg This is the "market snapshot" of the close of my second trade today.
Deal Info.jpg

I haven't tried trading anything bigger than single lots yet, be interesting to see how 3 lots fills at times when there is only 2 or 2.5 at top of book..
 
Today's trades were either trading "away from" or "back to" the top side of a a range left from a couple of high tick volume bars we had a bit earlier.
I expected it may lack direction until OPEC's January monthly report which is due out a bit later..
USDNOK5.jpg
 
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