Weekly Summary And Review 8th December 2023

Hi Traders! Arvinth here from the Home Trader Club team. The weekly summary and, review of December 8th 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)

EURUSD – My idea here was “On 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. In addition to this, 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. Also, we had a strong support zone that has formed and the price which is moving lower has broken below this zone and is holding below it, we may consider this as yet another evidence of bearish pressure. Currently, this strong support zone is acting as a strong resistance zone for us. Until this strong 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 after pullbacks”.

 

 

Current Scenario– In EURUSD, 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 has delivered around 100 pips move to the downside so far!

 

 

 

 

Silver – My idea here was “On the H1 chart, based on the Heikin Ashi candles we can see that currently, we have strong bearish bodies here as well 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, 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. Until the strong 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 after pullbacks”.

 

 

Current Scenario – In Silver, I was expecting the price to move lower further after pullbacks until the strong resistance zone holds. The price moved exactly as per the plan here. The pullback that I was looking for happened and then the price moved lower further as I expected it to and delivered a nice move to the downside so far!

 

 

Note: You can follow us here on Trading View and also on our blog to get similar ideas on daily basis)

Advertisement

Click To Join Our Community Telegram Group