Hi Traders! Arvinth here from the Home Trader Club team. The weekly summary and, review of September 27th 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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GBPAUD – My idea here was “Looking at the H1 chart, we could see that the price which was moving lower, reached a key support zone that has formed based on the 100%(1.93906) Fibonacci expansion level of the first wave. The price respected this key support zone, and is currently bouncing higher from this zone. Also, the price has broken above the most recent downtrend line and is currently holding above it, we may consider as evidence of bullish pressure. 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, currently there are no signs opposing this short-term bullish view. So everything looks good here for the bulls and until the key 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”.
Current Scenario – In GBPAUD, based on the above-mentioned analysis my short term view was bullish until the key support zone holds and I was expecting the price to move higher further. My plan still remains the same here.
CADCHF – 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 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 – My plan didn’t change in CADCHF, 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 after pullbacks.
Oil – My idea here was “On the H1 chart, 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. In addition to this, the price which is moving lower has created lower lows based on the MACD indicator, which is another sign of gaining momentum toward the bearish side. In addition to this, the ADX indicator gave a bearish signal here at the cross of -DI (red line) versus +DI (green line) and the main signal line (silver line) reads a value over 25 which we may consider as another evidence of bearish pressure. Also, we had a strong support zone that has formed and the price which is moving lower has broken below this zone and is holding below it, we may consider this as yet another evidence of bearish pressure. Currently, this strong support zone is acting as a strong resistance zone for us. Until this 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”.
Current Scenario – In Oil, until the strong resistance zone holds I was expecting short term bearish moves to happen after pullbacks. The price action is following the bearish expectations so far, my plan still remains the same here.
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Happy Trading!
Arvinth Akash
Home Trader Club Team.
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