Weekly Summary And Review 8th March 2024

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

Trading Ideas (Blog Posts)

EURCAD – My idea here was “On the H4 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 here 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, 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”.

 

 

Current Scenario – In EURCAD, my short term view was bullish until the strong support zone holds. The price action is following the bullish expectations so far, my plan still remains the same here.

 

 

 

CADJPY – 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. 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 CADJPY, 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 around 150 pips move to the downside so far!

 

 

 

 

USDCAD – My idea here was “On the H1 chart, the price which was moving higher has reached a strong resistance zone, respected it and bounced lower from this zone. Currently, we have a strong bearish momentum and based on the Heikin Ashi candles we can see that, we have strong bearish bodies in downward-moving market conditions so it basically reflects a bearish environment. In addition to this, the price has also created lower lows based on the MACD indicator, which is another sign of gaining momentum toward the bearish side. Also, 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 as well 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 USDCAD, I was expecting the price to move lower further after pullbacks until the strong resistance zone holds. The price moved as per the plan here. We had a small pullback and then the price moved lower further as I expected it to and delivered around 100 pips move to the downside 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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