Weekly Forex Reviews

Weekly Summary And Review 29th July 2024

Hi Traders! Arvinth here from the Home Trader Club team. The weekly summary and, review of July 29th 2024 is here. It is now time to recap and summarize the trade setups that we had during last week. Below you will find a short explanation of all the trade setups we had last week and how it has currently developed now.

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Trading Ideas (Blog Posts)

Bitcoin – 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. Currently, it looks like a correction is happening. 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 Bitcoin, after the bullish trend pattern, 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. We had a pullback and then the price moved higher further and has delivered an excellent move to the upside!

 

 

 

AUDCAD – My idea here was “On the H1 chart, currently, we have a strong bearish momentum and the price which is moving lower has broken below a strong support zone and is holding below it, we may consider this as evidence of bearish pressure. After the breakout, this strong support zone is acting as a strong resistance zone for us. Also, the price which is 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 a correction is happening. 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. 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 value over 25 which we may consider as yet another evidence of bearish pressure. So the bottom line here is that, everything looks good here for the bears and I expect the price to move lower further in the short term after pullbacks until the strong resistance zone (marked in red) shown in the image below holds”.

 

 

Current Scenario –  In AUDCAD, based on the above-mentioned analysis, until the strong resistance zone holds I was expecting short term bearish moves to happen after pullbacks. The price action followed my analysis exactly as I expected it to here. We had a pullback and then the price moved lower and delivered a nice move to the downside!

 

 

 

GBPUSD – 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 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 in addition to this, based on the Stochastic Oscillator we could see that the price has reached it’s extreme. Also, there are no signs opposing this short term bullish view at the moment. In addition to this, we had two strong resistance zones that has formed and the price which was moving higher has broken above these zones and is holding above them. After the breakout these strong resistance zones are acting as two strong support zones for us. 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 GBPUSD, based on the above-mentioned analysis my short term view was bullish until the two strong support zones hold and I was expecting the price to move higher further after pullbacks. Currently it looks like a pullback is happening, my plan still remains the same here.

 

 

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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