Hi Traders! Arvinth here from the Home Trader Club team. The weekly summary and, review of April 14th 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)

EURAUD – My idea here was “On the H1 chart, the price which is moving higher has created a bearish divergence here as well that has formed between the first high formed at 1.63876 and the second high formed at 1.63928 based on the MACD indicator which we may consider as evidence of bearish pressure. 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 a value over 25 which we may consider as another evidence of bearish pressure. Also, in addition to this, currently there are no signs opposing this short term bearish view. So everything looks good here for the bears here as well and until the key 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”.

Current Scenario – In this pair, I was expecting the price to move lower further in the short term until the key resistance zone holds. The price action followed my analysis exactly as I expected it to here. The price which was moving higher reached the key resistance zone again, respected it and then it bounced lower from this zone and delivered 180+ pips move!

Bitcoin – My idea here was “On the H1 chart, we have a bullish rally and currently, it looks like this bullish rally is about to continue. 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. In addition to this, we could see that 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. In addition to this, currently, there are no signs opposing this bullish view. Also, we had a strong resistance zone and the price which was moving higher has broken above this zone and is holding above it. After the breakout, this strong resistance zone is acting as strong support zone for us. So based on all this, until this strong support zone 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 Bitcoin, based on the above-mentioned analysis my short term view was bullish and I was expecting the price to move higher further after pullbacks. The price action followed my analysis exactly as I expected it to here. After the higher highs we had a small pullback and then the price moved higher further and delivered a nice move to the upside as you can see in the image below.

AUDNZD – My idea here was “On the H4 chart, the price which was moving lower reached a key support zone formed by the 100% (1.05583) Fibonacci expansion level of the big wave and the 100%(1.05779) Fibonacci expansion level of the small wave. The price respected this zone and then it moved higher and has broken above the most recent downtrend line, which we may consider as evidence of bullish pressure. 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 based on all this, until the key support zone (marked in blue) 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 AUDNZD I mentioned that until the key support zone holds my short-term view was bullish and I expect the price to move higher further after pullbacks. The price action is following the bullish expectations so far, my plan still remains the same here.

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