Hi Traders! Weekly summary and review June 11th, 2021 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 in this week and how it has currently developed now.

First, we will see the trade ideas that I shared in my blog:

Trading Ideas (Blog Posts)

Ethereum – My idea here was “On the H4 chart, the price which was 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 flat correction is happening in the form of a range. While measuring this bearish trend pattern using the Fibonacci retracement tool we could see that the 38.2%(2751.77) – 50%(3060.27) Fibonacci retracement zones coincide with the top of the range and the 61.8%(2893.64) Fibonacci expansion level of the first wave, which makes this area a key resistance zone for us. The price which was moving higher reached this zone, respected it and is currently moving lower. In addition to this the price which is moving lower has broken below the most recent uptrend line, which we may consider as yet another evidence of bearish pressure.

Also, we could see that the price was moving inside a small range, this range is formed by the highs and lows reaching parallel support and resistance zones. The price which was respecting this range so far has currently broken below the bottom of it and is holding below it, we may consider this as yet another evidence of bearish pressure. Looking at the Parabolic Sar we could see that the dots are above the price which is yet another evidence favoring the bears. 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. So based on all this my short term view remains bearish here and I expect the price to move lower further”.

Current Scenario – Based on the above-mentioned analysis my short term view was bearish here and I was expecting the price to move lower further. The price action is following my analysis so far, until the top of the range holds my short term view remains bearish here.

AUDCAD – My idea here was “On the H1 chat 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 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 and while measuring the first wave using the Fibonacci expansion tool we have two key support zones that has formed around the 100%(0.93397) Fibonacci expansion level and the 161.8%(0.92161) Fibonacci expansion level. Until both these key support zones hold my view remains bullish here and I expect the price to move higher further. Alternatively if the price moves lower and if we get a valid breakout below the low at 0.92605 then this bullish view will be invalidated”.

Current Scenario – In this pair the price reached the first key support zone and provided a short move to the upside delivering around 50 pips move until it was blocked by a bearish divergence.

NZDJPY – My idea here was “On the H4 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. 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. While measuring this bearish trend pattern using the Fibonacci retracement tool we have a key resistance zone that has formed based on the 38.2%(79.148) – 50%(79.345) Fibonacci retracement zones. Until this key resistance zone holds my view remains bearish here and I expect the price to move lower further”.
Current Scenario – On the H4 chart the price action is following the bearish expectations so far. My bearish view still remains the same here.

Note: You can follow me here on Trading View and also on my blog to get similar ideas on daily basis)

If you have any further questions, don’t hesitate to drop a comment below!

To your success,

Vladimir Ribakov
Certified Financial Technician

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