Hi Traders! Arvinth here from the Home Trader Club team. The weekly summary and, review of August 16th 2024 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.
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Ethereum – My idea here was “On the H4 chart, based on the Heikin Ashi candles we can see that, 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, based on the Stochastic Oscillator we could see that the price has reached its extreme which we may consider as another evidence of bearish pressure. In addition to this, 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 view remains bearish here and I expect the price to move lower further”.
Current Scenario – In Ethereum, the price action is following the bearish expectations so far. My plan didn’t change here, that is, I expect the price to move lower further in the short term until the two strong resistance zones (marked in red) shown in the image below hold.
EURNZD – 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 another evidence of bullish pressure. Generally, after a bullish trend pattern, we may expect corrections and then potential continuation higher. Also, currently there are no signs opposing this short term bullish view. 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 a strong resistance zone and the price which was moving higher has broken above this zone and is holding above it. After the breakout, this strong resistance zone is acting as strong support zone for us. So based on all this, until this 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, based on the above-mentioned analysis my short term view was bullish until the strong support zone holds and I was expecting the price to move higher further. My plan still remains the same here.
GBPNZD – 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 another evidence of bullish pressure. Generally, after a bullish trend pattern, we may expect corrections and then potential continuation higher. Also, currently there are no signs opposing this short term bullish view. 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 a strong resistance zone and the price which was moving higher has broken above this zone and is holding above it. After the breakout, this strong resistance zone is acting as strong support zone for us. Currently, the price which is moving lower, reached this zone, respected it and is bouncing higher from it. So based on all this, until this 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 – My plan didn’t change in GBPNZD, that is 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.
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Happy Trading!
Arvinth Akash
Home Trader Club Team.
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