Weekly Summary And Review 29th September 2023

0
72

Hi Traders! Arvinth here from the Home Trader Club team. The weekly summary and, review of September 29th 2023 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)

EURCHF – 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 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 was 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 based on all this, 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”.

 

Weekly Summary And Review 29th September 2023

 

Current Scenario – In EURCHF, 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 moved as per the plan here. We had a pullback and then the price moved higher further and delivered a nice move to the upside so far!

 

Weekly Summary And Review 29th September 2023

 

 

 

Litecoin – 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 were looking for has happened in the form of double wave to the upside. In addition to this, we also had a bearish divergence between the first high that has formed at 66.95 and the second high that has formed at 68.33 based on the  MACD indicator which we may consider as evidence of bearish pressure. The price then moved lower and broke below the most recent uptrend line and is holding below it, we may consider this as another evidence of bearish pressure. 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 everything looks good here for the bears and until the 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”.

 

Weekly Summary And Review 29th September 2023

 

Current Scenario – In Litecoin, the price action is following the bearish expectations so far. My plan didn’t change here, until the strong resistance zone holds my short term view still remains bearish here and I expect the price to move lower further.

 

Weekly Summary And Review 29th September 2023

 

CADCHF – 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”.

 

Weekly Summary And Review 29th September 2023

 

Current Scenario – In CADCHF, 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 is following the bullish expectations so far, my plan still remains the same here.

 

Weekly Summary And Review 29th September 2023

 

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

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.

Click To Join Our Community Telegram Group

Subscribe
Notify of
guest

0 Comments
Newest
Oldest Most Voted
Inline Feedbacks
View all comments