Hi Traders! Arvinth here from the Home Trader Club team. The weekly summary and, review of October 13th 2023 is here. It is now time to recap and summarize the trade setups that we had during this week. Below you will find a short explanation of all the trade setups we had this week and how it has currently developed now.

Trading Ideas (Blog Posts)

AUDCHF – My idea here was “On the H4 chart, 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 also there are no signs opposing this short term bullish view at the moment. 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. 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(marked in green) holds my short term view remains bullish here and I expect the price to move higher further after pullbacks”.

Current Scenario – In AUDCHF, after the bullish trend pattern, I was expecting the price to move higher further after pullbacks until the two strong support zones hold. My plan still remains the same here.

Silver – My idea here was “On the H4 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. Also, we could see that the price which was moving lower has created lower lows based on the MACD indicator which is a sign of gaining momentum toward the bearish side. Currently, it looks like a correction is happening, in addition to this, we could see that the price created a bearish hidden divergence between the first high that has formed at 23.550 and the second high that has formed at 22.007 based on the MACD indicator, which we may consider as another evidence of bearish pressure. Also, 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. So everything looks good here for the bears and 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 continue lower further after pullbacks”.

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

Ripple – My idea here was “On the H4 chart, currently, we have a strong bearish momentum and the price which is moving lower has broken below a strong support zone and is holding below it, we may consider this as evidence of bearish pressure. After the breakout, this strong support zone is acting as a strong resistance zone for us. Also, based on the Heikin Ashi candles we can see that currently, we have strong bearish bodies in downward-moving market conditions so it basically reflects a bearish environment. In addition to this, the price has also created lower lows based on the MACD indicator, which is another sign of gaining momentum toward the bearish side. Also, 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 the bottom line here is that, everything looks good here for the bears and I expect the price to move lower further in the short term after pullbacks until the strong resistance zone (marked in red) shown in the image below holds”.

Current Scenario – In Ripple, the price action is following the bearish expectations so far. My plan didn’t change here, until the strong resistance zone holds my short term view still remains bearish here and I expect the price to move lower further.

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