Weekly Summary And Review 6th September 2024

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Weekly Summary And Review 6th September 2024

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

GBPNZD – My idea here was “On the H1 chart, the price which was moving lower reached a strong support zone, respected it and is bouncing higher from this zone. 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, 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 strong bullish environment as well. 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”.

 

Weekly Summary And Review 6th September 2024

 

Current Scenario – In GBPNZD, 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. We had a pullback and then the price moved higher further and has delivered 120+ pips move to the upside!

 

Weekly Summary And Review 6th September 2024

 

 

NASDAQ – My idea here was “On the H1 chart, we have a strong resistance zone that has formed and the price which was moving higher reached this strong resistance zone respected it, moved lower from this zone. We also had a bearish divergence that has formed between the first high that has formed at 19645.5 and the second high that has formed at 19653.1 based on the MACD indicator, we may consider this as evidence of bearish pressure. The price then moved lower and broke below the most recent uptrend line, which we may consider as another evidence of bearish pressure. In addition to this, the ADX indicator gave bearish signal at the cross of -DI (red line) versus +DI (green line) and the main signal line (silver line) reads value over 25, we may consider this as yet another evidence of bearish pressure. So based on all these my view is bearish here and I expect the price to continue lower further after pullbacks until the strong resistance zone holds”.

 

Weekly Summary And Review 6th September 2024

 

Current Scenario – In NASDAQ, based on the above-mentioned analysis, until the strong resistance zone holds I was expecting short term bearish moves to happen after pullbacks. The price action followed my analysis exactly as I expected it to here. We had a pullback and then the price moved lower and delivered an excellent move to the downside!

 

Weekly Summary And Review 6th September 2024

 

 

NZDCHF – 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 another 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”.

 

Weekly Summary And Review 6th September 2024

 

Current Scenario – In NZDCHF, I was expecting short term bearish moves to happen after pullbacks until the strong resistance zone holds. The price moved exactly as per the plan here. We had a pullback and then the price moved lower further and delivered a nice move to the downside!

 

Weekly Summary And Review 6th September 2024

 

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.

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