British Pound versus Norwegian Krone Forex cross pair (GBPNOK) has been rallying for weeks and months creating new imbalances on the way up. In the attached screenshot we can see GBPNOK weekly timeframe creating new strong imbalances but unfortunately price has not retraced to any of them.
We can see the super strong weekly bullish pin candle that tried to pull liquidity from the pool of buy orders accumulated at weekly demand right underneath around 11.61. The buying pressure was so strong that GBPNOK could not reach the weekly demand imbalance as we would have wanted and expected.
Trading is a waiting game and many times price will not retrace to the price levels you are looking to trade, that’s trading, we just can’t move the markets with the power of our minds!
Remember that this is a longer term analysis for GBPNOK forex cross pair, you can use this longer timeframe supply and demand technical analysis to plan your trades in smaller timeframes using other Forex trading strategies and even indicators. We don’t need any indicators to plan a trade using a supply and demand strategy but if you are using one and it works for you, it would be wise that you stick to it.
GBPNOK is in a clear uptrend, only longs should be taken in smaller timeframes. Do not go against a clear big timeframe uptrend, wait patiently for a buying opportunity using the strategy you have mastered and pull the trigger blindly when the new trading opportunity arises.
If you want to learn how to trade Forex using our supply and demand trading strategy, you are welcome to join our FX trading course and trading community.
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