Hi Traders! Arvinth here from the Home Trader Club team. The weekly summary and, review of October 4th 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.
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Trading Ideas (Blog Posts)
EURUSD – My idea here was “On the H4 chart, the price which was moving higher created a bearish divergence that has formed between the first high that has formed on 17th September 2024 and the second high that has formed on 30th September 2024 based on the MACD indicator which we may consider as evidence of bearish pressure. Also, the price which is moving lower has broken below the most recent uptrend line which we may consider as another evidence of bearish pressure. So everything looks good here as well for the bears and until the key 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”.
Current Scenario – In EURUSD, based on the above-mentioned analysis, until the key resistance zone holds 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 moved lower and delivered around 140 pips move to the downside!
Bitcoin – My idea here was “Looking at the H1 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. Also, we could see that the price which is moving lower has created a bearish trend pattern in the form of three lower highs, and lower lows which we may consider as evidence of bearish pressure. Generally, after a bearish trend pattern, we may expect corrections and then a further continuation lower. Currently, it looks like a correction is happening and in addition to this there are no signs opposing this short term bearish view at the moment. Also, we had two strong support zones that have formed, the price moved lower broke 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”.
Current Scenario – In Bitcoin, I was expecting short term bearish moves to happen after pullbacks until the two strong resistance zones hold. The price moved exactly as per the plan here. We had a pullback and the price which was moving higher reached the first strong resistance zone. The price respected the first strong resistance zone and then it moved lower further and delivered a nice move to the downside so far!
GBPCHF – 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 GBPCHF, until the strong resistance zone holds I was expecting short term bearish moves to happen after pullbacks. The price action is following the bearish expectations so far, my plan still remains the same here.
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If you have any further questions, don’t hesitate to drop a comment below!
Happy Trading!
Arvinth Akash
Home Trader Club Team.
