Weekly Summary And Review 9th February 2024

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Weekly Summary And Review 9th February 2024

Hi Traders! Arvinth here from the Home Trader Club team. The weekly summary and, review of February 9th 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)

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

 

Weekly Summary And Review 9th February 2024

 

Current Scenario – In EURNZD my short-term view was bullish and I was expecting the price to move higher further until the two strong support zones hold. The price failed to hold in the first strong support zone. Currently, the price is holding in the second strong support zone. Until the second strong support zone holds my short term bullish view still remains the same here.

 

Weekly Summary And Review 9th February 2024

 

 

GBPCAD – My idea here was “On the H4 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 and we could see that the price which is moving lower created a bullish divergence between the first low that formed at 1.69744 and the second low that has formed at 1.69422 based on the MACD indicator, which we may consider as evidence of bullish pressure. 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”.

 

Weekly Summary And Review 9th February 2024

 

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

 

Weekly Summary And Review 9th February 2024

 

 

AUDNZD – My idea here was “On the H4 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”.

 

Weekly Summary And Review 9th February 2024

 

Current Scenario – My plan didn’t change in AUDNZD, that is until the strong resistance zone holds my short term view still remains bearish here and I expect the price to move lower further after pullbacks.

 

Weekly Summary And Review 9th February 2024

 

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

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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