Weekly Summary And Review 6th December 2024

Hi Traders! Arvinth here from the Home Trader Club team. The weekly summary and, review of December 6th 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)

EURAUD – My idea here was “On the H1 chart, 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. In addition to this, there are no signs opposing this short term bullish view at the moment. Currently, it looks like a correction is happening and in addition to this, based on the Stochastic Oscillator we could see that the price has reached it’s extreme, which we may consider as another evidence of bullish pressure. Also, 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. There are two possible scenarios from here, the price might move higher from the current zone or alternatively if it moves lower then the next area to look for bullish setups with bullish evidences would be the second strong support zone. Until both these strong support zones (marked in green) shown in the image below hold my short term view remains bullish here and I expect the price to move higher further”.

 

 

Current Scenario –  In EURAUD, after the bullish trend pattern, I was expecting the price to move higher further after pullbacks until the two strong support zones hold. The price action followed my analysis exactly as I expected it to here. The price moved higher as I expected it to and has delivered 330+ pips move to the upside!

 

 

 

GBPJPY – 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 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, while measuring the bearish trend pattern 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%(190.842) and 38.2%(192.554) Fibonacci retracement zones. The second key resistance zone is formed by the 50%(193.938) and 61.8%(195.321) 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 GBPJPY, until the two strong resistance zones hold 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.

 

 

 

 

GBPNZD – 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 another 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. 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”.

 

 

Current Scenario – In GBPNZD, the price moved exactly as per the plan here. The price respected the first strong support zone and then it moved higher further and has delivered 200+ pips move to the upside so far!

 

 

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

 

Happy Trading!

Arvinth Akash
Home Trader Club Team.

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