Hi Traders! Arvinth here from Traders Academy Club team. Weekly summary and review December 9th 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)

Gold – My idea here was “On the H1 chart, we could see that the price which was moving higher has created a bearish divergence between the first high that has formed at 1804.36 and the second high that has formed at 1809.94 based on the MACD indicator. The price then moved lower and broke below the last low at 1778.89 creating lower lows, thus forming a classical setup of bearish divergence followed by bearish convergence, we may consider these as evidences of bearish pressure. Generally, after a bearish convergence we may look for corrections and then further continuation lower. In addition to this, the ADX indicator gave a bearish signal here at the cross of -DI (red line) versus +DI (green line) and the main signal line (silver line) reads value over 25 which we may consider as yet another evidence of bearish pressure. 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 after pullbacks”.

Current Scenario – My plan didn’t change in Gold, that is until the strong resistance zone holds my short term view is bearish and I expect the price to move lower further.

EURNZD – My idea here was “Looking at the H1 chart, we could see that the price which was moving lower has created a bullish divergence that has formed between the first low that has formed at 1.64157 and the second low that has formed at 1.64065 based on the MACD indicator. The price then moved higher and broke above the last high at 1.65406 creating higher highs, thus forming a classical setup of bullish divergence followed by bullish convergence, we may consider these as evidences of bullish pressure. Hence as per the book scenario, after a bullish convergence, we may look for corrections to happen and then further continuation to the upside. Currently, it looks like a correction is happening. In addition to this, the price has also broken above the most recent downtrend line which we may consider as yet another evidence of bullish pressure. Until the strong support zone shown in the image below (marked in green) holds my short term view remains bullish here and I expect the price to move higher further”.

Current Scenario – In EURNZD, the price action is following the bullish expectations so far. My plan didn’t change here that is until the strong support zone holds my short term view still remains bullish here.

AUDUSD – My idea here was “On the H1 chart, the price which is moving lower has created a bearish trend pattern in the form of three lower highs, lower lows which we may consider as evidence of bearish pressure. Generally, after a bearish trend pattern, we may expect corrections and then further continuation lower. Currently it looks like a correction is happening and also based on the Stochastic Oscillator we could see that the price has reached its extreme which we mat consider as another evidence of bearish pressure. Also, we had two strong support zones that has formed and the price which is moving lower has broken below these zones and is holding below them, we may consider this as yet another evidence of bearish pressure. Currently, these strong support zones are acting as strong resistance zones for us. Until these two strong resistance zones (marked in red) shown in the image below hold my short term view remains bearish here and I expect the price to move lower further”.

Current Scenario – In this pair my short term view was bearish and I was expecting the price to move lower further until the two strong resistance zones hold. My plan still remains the same here.

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