Weekly Summary And Review 26th January 2024

Hi Traders! Arvinth here from the Home Trader Club team. The weekly summary and, review of January 26th 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)

GBPCAD – 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. 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 that have formed and the price which is moving higher has broken above this zone and is holding above it. After the breakout, this strong resistance zone is acting as a strong support zone for us. 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 GBPCAD, 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 160+ pips move to the upside!

 

 

 

EURAUD – My idea here was “On the H4 chart, the price which was moving higher has created a bullish trend pattern in the form of three higher highs, and 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 the price which is moving lower has reached a strong support zone. Also, we could see that the price which is moving lower created a bullish hidden divergence between the first low that formed at 1.61270 and the second low that formed at 1.64800, followed by a potential continuing bullish divergence between the first low that formed at 1.64800 and the second low that has formed at 1.64701 based on the MACD indicator, which we may consider as evidences of bullish pressure. There are two possible scenarios from here, the price might move higher from the current zone or alternatively if it moves lower then the next area to look for bullish setups with bullish evidences would be the second strong support zone. Until both these strong support zones (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”.

 

 

Current Scenario – In EURAUD, my short term view was bullish until the two strong support zones hold. The price action is following the bullish expectations so far, my plan still remains the same here.

 

 

 

EURCAD – My idea here was “On the H1 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 here as well 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. In addition to this, the ADX indicator gave a bullish signal here as well 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 as well 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 EURCAD, 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 which is moving lower broke below the strong support zone and currently it has moved back again inside this zone. Until this strong support zone holds my short term bullish view still remains the same here.

 

 

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

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