Weekly Summary And Review 16th February 2024

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Weekly Summary And Review 16th February 2024

Hi Traders! Arvinth here from the Home Trader Club team. The weekly summary and, review of February 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.

Trading Ideas (Blog Posts)

Ethereum – 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. Also, we could see that the price which is moving higher has created higher highs based on the MACD indicator, which is a sign of gaining momentum towards the bullish side. 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 16th February 2024

 

 

Current Scenario – In Ethereum, I was expecting the price to move higher further after pullbacks until the strong support zone holds. The price action followed my analysis exactly as I expected it to here. The pullback that I was looking for happened and then the price moved higher further and has delivered a nice move to the upside!

 

Weekly Summary And Review 16th February 2024

 

 

Dow Jones – My idea here was “On the H4 chart, the price which was moving higher reached a strong resistance zone, respected it and bounced lower from this zone. Also, we have a bearish divergence that has formed between the first high that has formed at 38139.30 and the second high that has formed at 38953.70 based on the MACD indicator which we may consider as evidence of bearish pressure. Also, the price which is moving lower has broken below the most recent uptrend line which we may consider as another evidence of bearish pressure. In addition to this, the ADX indicator gave a bearish signal here as well 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. 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. 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 move lower further after pullbacks”.

 

 

Weekly Summary And Review 16th February 2024

 

 

Current Scenario – My plan still remains the same in Dow Jones, 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 after pullbacks.

 

Weekly Summary And Review 16th February 2024

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.

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