Weekly Summary And Review April 16th 2021

Hi Traders! Weekly Summary And Review April 16th, 2021 is here. It is now time to recap and summarize the trade setups that we had during this week. Below you will find the short explanation of all the trade setups we had in this week and how it has currently developed now.

First, we will see the trade ideas that I shared in my blog:

Trading Ideas (Blog Posts)

GBPUSD – My idea here was “On the H1 chart we have a bullish divergence that has formed between the first low that has formed at 1.36694 and the second low that has formed at 1.36686 based on the MACD indicator. Then the price moved higher and broke above the high at 1.37438 creating higher highs, thus forming a classical setup of bullish divergence followed by bullish convergence. Hence as per the book scenario, after a bullish convergence, we may look for corrections to happen and then further continuation to the upside. Currently, it looks like the correction that we are looking for is happening. Until the strong support zone shown in the image below holds my view remains bullish here and I expect the price to move higher further”.
Current Scenario – The price action followed my analysis exactly as I expected it to here. The price which was moving lower reached the strong support zone, respected it and bounced higher from this zone, delivering 120+ pips move so far.

 

EURGBP – My idea here was “On the H4 chart based on the Parabolic Sar we could see that the dots are below the price here as well which we may consider as another evidence of bullish pressure. We also had a strong resistance zone that had formed which the price has broken above and is currently holding above this zone, we may consider this as yet another evidence of bullish pressure. Currently this strong resistance zone is acting as a strong support zone for us. Until this strong support zone holds my view remains bullish here and I expect the price to move higher further”.

Current Scenario – In this pair my view was bullish and I was expecting the price to move higher further until the strong support zone holds. My plan still remains the same here.

 

EURCHF – 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 we have two strong support zones that has formed. Until both these strong support zones hold my view remains bullish here and I expect the price to move higher further”.
Current Scenario – My plan didn’t change here, that is until  both the strong support zones hold my view remains bullish and I expect the price to move higher further.

 

Trading Ideas (Trading View Posts)

NZDCAD – My idea here was as follows:
Current Scenario – On the H4 chart the price reached the second key resistance zone and is bouncing lower from this zone. Until this key resistance zone holds my bearish view remains the same here.

 

NZDCHF – My idea here was as follows:

Current Scenario – On the H4 chart currently it looks like the pullback that I was looking for is happening. If the price moves higher and if we get a valid breakout above the top of this range, we may then consider it as a validation for the bullish view and may expect the price to move higher further.

 

GBPCHF – My idea here was as follows:
Current Scenario – In this pair the first move down happened as I expected it to and delivered 120+ pips move. Until the strong resistance zone holds my view still remains bearish here so I expect new pullbacks and then further continuation lower.
You can see this move clearly on the H1 chart below.

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

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