Hi Traders! Arvinth here from the Home Trader Club team. The weekly summary and, review of November 1st 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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Litecoin – My idea here was “On the H1 chart, the price which was moving lower reached a strong support zone, respected it and bounced higher from this zone. Also, 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. 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”.
Current Scenario – In Litecoin, the price action is following the bullish expectations so far. Until the strong support zone holds my short-term view still remains bullish here and I expect the price to move higher further.
EURNZD – 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 the correction that we are looking for is happening. In addition to this, we also have a bearish divergence between the first high that has formed on 9th October 2024 and the second high that has formed on 30th October 2024 based on the MACD indicator which we may consider as another evidence of bearish pressure. Also, we had two strong support zones that has formed and the price which was moving lower has broken below these zones and is holding below them. 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”.
Current Scenario – My plan still remains the same in EURNZD, that is until the two strong resistance zones shown in the image below holds my short term view remains bearish here and I expect the price to move lower further.
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Happy Trading!
Arvinth Akash
Home Trader Club Team.
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