Weekly Summary And Review 15th September 2023

0
104
Weekly Summary And Review 15th September 2023

Hi Traders! Arvinth here from the Home Trader Club team. The weekly summary and, review of September 15th 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)

Gold – My idea here was “Looking at 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, and lower lows which we may consider as evidence of bearish pressure. Generally, after a bearish trend pattern, we may expect corrections and then a further continuation lower. Currently, it looks like a correction is happening and in addition to this there are no signs opposing this short term bearish view at the moment. Also, we had two strong support zones that have formed, the price moved lower broke 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”.

 

Weekly Summary And Review 15th September 2023

 

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 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 moved lower further and delivered a nice move to the downside so far!

 

Weekly Summary And Review 15th September 2023

 

 

CADCHF– My idea here was “On the H4 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, 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. So everything looks good here for the bulls and until the strong support zone (marked in green) shown in the image below holds my short-term view remains bullish here and I expect the price to move higher further after pullbacks”.

 

Weekly Summary And Review 15th September 2023

 

Current Scenario – In CADCHF, my short term view was bullish and I was expecting the price to move higher further after pullbacks until the strong support zone holds. The price moved as per the plan here. We had a small pullback and then the price moved higher further and delivered 80+ pips move to the upside so far!

 

Weekly Summary And Review 15th September 2023

 

 

SP500 – 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 it’s extreme which we may consider as another evidence of bearish pressure. In addition to this, currently there are no signs opposing this short term bearish view. Also while measuring the first wave of this correction, we have two key resistance zones that has formed. The first key resistance zone is formed by the 61.8% (4482.35) – 100% (4505.95)  Fibonacci expansion level of the first wave. The second key resistance zone is formed by the 161.8% (4544.13) Fibonacci expansion level of the first wave. Until these two key 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”.

 

Weekly Summary And Review 15th September 2023

 

Current Scenario – In SP500, the price action is following the bearish expectations so far. My plan didn’t change here, until both the key resistance zones hold my short term view still remains bearish here and I expect the price to move lower further.

 

Weekly Summary And Review 15th September 2023

 

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

For similar trade ideas and much more I invite you to join the Home Trader Club and improve your trading with us.

You will also find a pretty extensive database of educational materials here in the blog – just use the search or check out the Forex Education section above.

 

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

 

Happy Trading!

Arvinth Akash
Home Trader Club Team.

Click To Join Our Community Telegram Group

Subscribe
Notify of
guest

0 Comments
Inline Feedbacks
View all comments