Hi Traders! Arvinth here from the Home Trader Club team. The weekly summary and, review of November 3rd 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)

CHFJPY – My idea here was “On the H1 chart, we could see that the price has created a bullish divergence which formed between the first low formed at 165.549 and the second low formed at 164.980 based on the MACD indicator. The price then moved higher and broke above the last high at 166.075 creating higher highs, thus forming a classical setup of bullish divergence followed by bullish convergence, we may consider these 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 a value over 25, we may consider this as yet another evidence of bullish pressure. Also, currently, there are no signs opposing this bullish view and in addition to this, based on the Parabolic Sar we could see that the dots are below the price which we may consider as yet another evidence of bullish pressure. 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”.

Current Scenario – In CHFJPY, based on the above-mentioned analysis my short term view was bullish here and I was expecting the price to move higher further after pullbacks until the strong support zone holds. My plan still remains the same here.

CADJPY – My idea here was “On the H1 chart, we could see that the price has created a bullish divergence which formed between the first low formed at 107.707 and the second low formed at 107.484 based on the MACD indicator. The price then moved higher and broke above the last high at 108.396 creating higher highs, thus forming a classical setup of bullish divergence followed by bullish convergence, we may consider these as evidence of bullish pressure. 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 a value over 25, we may consider this as yet another evidence of bullish pressure. Also, currently, there are no signs opposing this bullish view here as well. So based on all this, until the key 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”.

Current Scenario – In CADJPY, 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 exactly as per the plan here. We had a pullback and then the price moved higher further and delivered 100+ pips move to the upside!

NZDCAD – 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. 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 NZDCAD, 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. The pullback that I was looking for happened and then the price moved higher further and has delivered 100+ pips move!

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