Hi Traders! Arvinth here from the Home Trader Club team. The weekly summary and, review of April 7th 2025 is here. It is now time to recap and summarize the trade setups that we had during last week. Below you will find a short explanation of all the trade setups we had last week and how it has currently developed now.
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Oil – My idea here was “On the H1 chart, the price which was moving higher has created higher highs based on the MACD indicator, which is a sign of gaining momentum towards the bullish side. Also there are no signs opposing this short term bullish view at the moment. 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 Oil my short term view was bullish and I was expecting the price to move higher further after pullbacks until the two strong support zones hold. We had a pullback and then the price provided a short move to the upside. The price then moved lower and broke below both the strong support zones. My current view on Oil is neutral.
Gold – 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. Currently it looks like a correction is happening. Also while measuring this strong bullish move we have two key support zones that has formed. The first key support zone is formed based on the 23.6% – 38.2% Fibonacci retracement levels of the strong bullish move. The second key support zone is formed based on the 50% – 61.8% Fibonacci retracement levels of the strong bullish move. Until both these key 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 retraces”.
Current Scenario – Based on the above-mentioned analysis “until both the key support zones hold my short term view remains bullish here and I expect the price to move higher further after retraces”. The price action followed my analysis, respected the first key support zone and provided a short move to the upside before the price moved lower and broke below both the key support zones. My current view on Gold is neutral.
GBPUSD – My idea here was “On the M15 chart, we have a strong bullish momentum and also currently there are no signs opposing this short term bullish view. 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 while measuring this strong bullish move we have two key support zones that has formed. The first key support zone is formed based on the 23.6%(1.30920) – 38.2%(1.30517) Fibonacci retracement levels of the strong bullish move. The second key support zone is formed based on the 50%(1.30192) – 61.8%(1.29867) Fibonacci retracement levels of the strong bullish move. Until both these key support zones shown in the image below (marked in red) holds my short term view remains bullish here and I expect the price to move higher further after retraces”.
Current Scenario – In GBPUSD my short term view was bullish and I was expecting the price to move higher further after pullbacks until the two strong support zones hold. The price action didn’t follow my analysis and this idea failed as the price moved lower and broke below both the strong support zones. My current view on GBPUSD is neutral.
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Happy Trading!
Arvinth Akash
Home Trader Club Team.
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