Hi Traders! Arvinth here from Traders Academy Club team. Weekly summary and review April 1st, 2022 is here. It is now time to recap and summarize the trade setups that we had during this week. Below you will find the short explanation of all the trade setups we had this week and how it has currently developed now.

Trading Ideas (Blog Posts)

USDCHF – My idea here was “On the H4 chart, the price which was moving higher has created a bullish trend pattern in the form of three higher highs, higher lows, we may consider this as evidence of bullish pressure. Generally, after a bullish trend pattern, we may expect corrections and then potential continuation higher. Currently it looks like a correction has happened in the form of double wave to the downside. Also, the price which was moving lower reached a key support zone that has formed based on the 61.8%(0.92720) Fibonacci expansion level of the first wave of this correction and the 61.8%(0.92683) Fibonacci retracement level of the bullish trend pattern. The price respected this key support zone and is currently bouncing higher from this zone. In addition to this, we could see that the price which was moving lower created a bullish divergence that has formed between the first low that has formed at 0.92953 and the second low that has formed at 0.92603 based on the MACD indicator. Also, the price which is moving higher has broken above the most recent downtrend line, we may consider these as other evidences of bullish pressure. In addition to this, the ADX indicator gave a bullish signal here at the cross of +DI (green line) versus -DI (red line) and the main signal line (silver line) reads value over 25, we may consider this as yet another evidence of bullish pressure. Until the key support zone holds my short term view here is bullish and I expect the price to move higher further”.Current Scenario – The price action didn’t follow my analysis here and this idea failed as the price moved lower and broke below the key support zone and is holding below it. My current view on this pair is neutral.

Silver – My idea here was “On the H4 chart, currently it looks like a correction has happened in the form of double wave to the downside. Also, while measuring the first wave of this correction we have two key support zones that has formed. The first key support zone is formed by the 61.8%(24.311) Fibonacci expansion level of the first wave and the second key support zone is formed by the 100%(23.365) Fibonacci expansion level of the first wave. The price which was moving lower reached the first key support zone, respected it and bounced higher from this zone. Also, we could see that the price which was moving lower created a bullish divergence that has formed between the first low that has formed at 24.456 and the second low that has formed at 23.961 based on the MACD indicator, which we may consider as evidence of bullish pressure. In addition to this, the ADX indicator gave a bullish signal here as well at the cross of +DI (green line) versus -DI (red line) and the main signal line (silver line) reads value over 25, we may consider this as yet another evidence of bullish pressure. Until the two key support zones hold my view remains bullish here. If we get a valid breakout above the downtrend line shown in the image below (marked in red) we may then consider it as a validation for the bullish view”.

Current Scenario – In Silver I was expecting the price to move higher further until the two key support zones hold. Also, I mentioned that “If we get a valid breakout above the most recent downtrend line shown in the image below we may then consider it as a validation for this bullish view and may expect the price to move higher further”. My plan didn’t change here that is, if we get a valid breakout above the most recent downtrend line we may then expect the price to move higher further.

EURGBP – My idea here was “On the H1 chart, based on the Heikin Ashi candles we can see that currently, we have strong bullish bodies in upward moving market conditions so it basically reflects a bullish environment. Also, the price which is moving higher has created a bullish trend pattern in the form of three higher highs, higher lows, we may consider this as another evidence of bullish pressure. Generally, after a bullish trend pattern, we may expect corrections and then potential continuation higher. Currently, it looks like a correction is happening, also we had two strong resistance zones that has formed and the price which was moving higher has broken above these zones and is holding above them. After the breakout these strong resistance zones are acting as two strong support zones for us. Until both these strong support zones shown in the image below holds my view remains bullish here and I expect the price to move higher further”.

Current Scenario – My plan still remains the same here in EURGBP, that is until the two key support zones hold my short term view here is bullish and I expect the price to move higher further.
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