Weekly Summary And Review 29th November 2024

Hi Traders! Arvinth here from the Home Trader Club team. The weekly summary and, review of November 29th 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.

Explore My Free Mentorship Program

As an Internationally Certified Financial Technician (CFTe, IFTA) and former private capital hedge fund trader, I have successfully mentored numerous students who are now thriving in the trading world. Students who learned with me, are now full-time traders, work in the trading industry, run their own capital firms or are fully funded traders by private companies, develop automated trading solutions and manage others’ capitals. I am a very proud mentor and I am proud of the success stories I’ve helped create, and for a limited time, I’m offering my mentorship program for free through a partnership with Eight Cap broker. Join Eight Cap, become an active trader, and choose the offer that suits you best –

For more details, visit: Home Trader Club Mentorship Program

I’m excited to work with you and help you reach your desired level of success!

Trading Ideas (Blog Posts)

GBPCAD – My idea here was “On the H4 chart, 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 and also based on the Stochastic Oscillator we could see that the price has reached its extreme which we may consider as another evidence of bearish pressure. Also, we had two strong support zones that has formed and the price which is moving lower has broken below these zones and is holding below them, we may consider this as yet another evidence of bearish pressure. 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 view remains bearish here and I expect the price to move lower further”.

AUDJPY – 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. 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 AUDJPY, 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 130+ pips move to the downside!

USDJPY – My idea here was “On the H4 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. Currently, it looks like a correction is happening. Also, while measuring the strong bearish move using the Fibonacci retracement tool, we have two key resistance zones that have formed. The first key resistance zone is formed by the 23.6%(151.934) and 38.2%(152.853) Fibonacci retracement zones. The second key resistance zone is formed by the 50%(153.596) and 61.8%(154.338) Fibonacci retracement zones. Until these two key 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 – In USDJPY, based on the above-mentioned analysis, until the two key resistance zones hold I was expecting short term bearish moves to happen here. The price action followed my analysis exactly as I expected it to here. The price respected the first key resistance zone, moved lower and delivered 230+ pips move to the downside so far!

If you have any further questions, don’t hesitate to drop a comment below!

Happy Trading!

Arvinth Akash
Home Trader Club Team.

Click To Join Our Community Telegram Group