Weekly Summary And Review April 30th 2021

Hi Traders! Weekly Summary And Review April 30th, 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)

GBPCHF – My idea here was “On the H1 chart, 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. Currently it looks like a correction is happening and in addition to this, we have a bearish divergence that has formed between the first high that has formed on 26th April 2021 and the second high that has formed on 27th April 2021 based on the MACD indicator, we may consider this as evidence of bearish pressure. Also, based on the Parabolic Sar we could see that the dots are above the price here as well which we may consider as another evidence of bearish pressure. In addition to this, the ADX indicator gave a bearish signal here as well 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. Until the strong resistance zone (marked in blue) shown in the image below holds my view remains bearish here and I expect the price to move lower further”.

Current Scenario – The price action followed my analysis exactly as I expected it to here. After the bearish trend pattern we had a pullback but the price was holding below the strong resistance zone. The price then moved lower further and provided 110+ pips so far.

 

 

NZDCHF – My idea here was “Looking at the H4 chart we could see that, after the strong bullish move currently it looks like a flat correction is happening in the form of a range. This range is formed by the highs and lows reaching parallel resistance and support zones. The price which is moving inside this range, reached the bottom of it, respected it and is bouncing higher from this zone. We also have a key support zone that has formed based on the top of the daily range and the bottom of the H4 range. Currently there are no signs opposing this bullish view, until this key support zone holds my view remains bullish here. 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”.

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

 

 

EURCHF – My idea here was “On the H1 chart we have a bearish divergence that has formed between the first high that has formed on 2nd February 2021 and the second high that has formed on 1st April 2021 based on the MACD indicator. The price then moved lower and broke below the last low at 1.10232 thus forming a classical setup of bearish divergence followed by bearish convergence, we may consider this as evidence of bearish pressure. As per the book scenario after a bearish convergence we may expect corrections and then further continuation lower. Currently it looks like a correction is happening. Also the price which is moving lower has broken below the most recent uptrend line, which we may consider as another evidence of bearish pressure. Also based on the Parabolic Sar we could see that the dots are above the price which we may consider as another 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 value over 25 which we may consider as yet another evidence of bearish pressure. So based on all this my view here is bearish and until the H4 key resistance zone holds I expect the price to move lower further in the short term”.

Current Scenario – The price action is following my short term bearish expectations so far. After the uptrend line breakout, the price is currently moving lower as I expected it to. My short term bearish view still remains the same here.

 

 

Trading Ideas (Trading View Posts)

AUDUSD – My idea here was as follows:

Current Scenario – After the bearish trend pattern, we had a pullback but the price was holding below the strong resistance zone. The price then moved lower in the short term as I expected it to and provided around 60 pips move before it moved higher again.

 

 

GBPCAD – My idea here was as follows:

Current Scenario – The price action didn’t follow my analysis here and this idea failed as the price moved lower and broke below the strong support zone.

 

 

EURGBP – My idea here was as follows:

Current Scenario – The price is following the bullish expectations so far, my bullish view still remains the same here.

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

 

Advertisement

Click To Join Our Community Telegram Group