Hi Traders! Arvinth here from Traders Academy Club team. Weekly summary and review July 29th 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)

CADJPY – My idea here was “On the H1 chart, we could see that the price which is moving lower has created a bearish trend pattern in the form of three lower highs, lower lows we may consider this as evidence of bearish pressure. Generally, after a bearish trend pattern, we may expect corrections and then further continuation lower. Currently, it looks like the correction that we were looking for is happening. In addition to this, we had a bearish hidden divergence that has formed between the first high that has formed at 107.056 and the second high that has formed at 106.483 based on the MACD indicator, followed by a bearish regular divergence between the first high that has formed at 106.483 and the second high that has formed at 106.626 based on the MACD indicator, we may consider this as other evidences of bearish pressure. Also, we had two strong support zones and the price which was moving lower has broken below these zones and holding below them. We may consider this as yet another evidence of bearish pressure. Currently these two strong support zones are acting as two strong resistance zones for us. Until both these resistance zones hold my short term view remains bearish here and I expect the price to move lower further”.

Current Scenario – In CADJPY my short term view was bearish and I was expecting the price to move lower further until the two strong resistance zones hold. The price action followed my analysis exactly as I expected it to here. The price respected the first strong resistance zone and then it bounced lower from this zone and delivered 310+ pips move!

Ethereum – My idea here was “On the H4 chart, we have a bearish divergence that has formed between the first high that has formed at 1627.90 and the second high that has formed at 1661.77 based on the MACD indicator which we may consider as evidence of bearish pressure. The price then moved lower and broke below the last low at 1461.89 thus creating lower lows which we may consider as another evidence of bearish pressure. In addition to this, based on the Stochastic Oscillator we could see that the price has reached its extreme, which we may consider as yet another evidence of bearish pressure. Currently it looks like a correction is happening. Until the strong resistance zone (marked in red) shown in the image below holds my short term view remains bearish here and I expect the price to move lower further”.

Current Scenario – The price action didn’t follow my analysis in Ethereum and this idea failed, as the price moved higher, broke above the strong resistance zone and is currently holding above it. My current view on Ethereum is neutral.

Silver – My idea here was “On the H4 chart, the price which was moving lower created a bullish divergence which has formed between the first low at 18.917 and the second low at 18.136 based on the MACD indicator. The price then moved higher and broke above the last high at 19.089 thus creating higher highs. Also, we should note that the price which was in a bearish trend so far creating series of lower highs, lower lows has created higher highs for the first time in a while which we may consider as sign of a possible trend change. We may consider these as evidences 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 key support zone (marked in blue) shown in the image below holds, my short term view remains bullish here and I expect the price to move higher further”.

Current Scenario – In Silver my short term view was bullish and I was expecting the price to move higher further until the key support zone holds. The price action followed my analysis exactly as I expected it to here. The price moved higher further and provided a nice move to the upside as you can see in the image below.

You can see this move clearly on the H1 chart below.
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