Hi Traders! Arvinth here from the Home Trader Club team. The weekly summary and, review of June 30th 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.
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. 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. Also, currently, there are no signs opposing this bullish view. 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. Until both these strong support zones 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”.
Dollar Index – 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 is nearing it’s extreme which we may consider as another evidence of bearish pressure. In addition to this, currently there are no signs opposing this short term bearish view. 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 short term view remains bearish here and I expect the price to move lower further”.
AUDJPY – My idea here was “On the H4 chart, currently it looks like a correction is happening and while measuring the legs, we have two key support zones that has formed. The first key support zone is formed based on the 100%(94.736) Fibonacci expansion level of the big wave and the 100%(94.895) Fibonacci expansion level of the small wave. The second key support zone is formed based on the 161.8%(93.436) Fibonacci expansion level of the big wave the 161.8%(93.907) Fibonacci expansion level of the small wave. The price which was moving lower, has currently reached the first key support zone. Also, we could see that the price which was moving lower has created a bullish hidden divergence that has formed between the first low at 90.258 and the second low at 95.564 followed by a potential bullish divergence that is forming based on the MACD indicator which we may consider as another evidence of bullish pressure. So based on all this, until the key support zones hold my short term view remains bullish here. A valid breakout above the most recent downtrend line would be the validation for this bullish view”.
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Happy Trading!
Arvinth Akash
Home Trader Club Team.
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