Weekly Summary And Review April 9th 2021

Hi Traders! Weekly Summary And Review April 9th, 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)

Dollar Index – 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 the correction that we are looking for is happening. Also, we have a strong support zone that has formed and the price which is moving lower has broken below this zone and is holding below it, we may consider this as another evidence of bearish pressure. Currently, this strong support zone is acting as a strong resistance zone for us. Until this strong resistance zone holds my short term view remains bearish here and I expect the price to continue lower further after correction”.

Current Scenario – The price action followed my analysis exactly as I expected it to here. After the bearish trend pattern I was expecting the price to move lower further in the short term term after pullbacks. The pullback that I was looking for happened and then the price moved lower and provided a nice move to the downside.

USDCHF – 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. In addition to this, the ADX indicator gave 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. So based on all this my view here is bearish and I expect the price to move lower further after pullbacks”.

Current Scenario – On the H1 chart the first move down happened as I expected it to and delivered. My view still remains bearish here so I expect new pullbacks and then further continuation lower.

GBPAUD – 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. 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. Also, we have a strong support zone that has formed and the price which is moving lower has broken below this zone and is holding below it, we may consider this as another evidence of bearish pressure. Currently, this strong support zone is acting as a strong resistance zone for us. Until this strong resistance zone holds my view here is bearish and I expect the price to move lower further after pullbacks”.

Current Scenario – On the H1 chart the price is following the bearish expectations so far. My bearish view still remains the same here.

Trading Ideas (Trading View Posts)

EURGBP – My idea here was as follows:

Current Scenario – In this pair my view was bullish and until the key support zone holds I was expecting the price to move higher further. The price action followed my analysis, respected the key support zone and bounced higher delivering 150+ pips move so far.

You can see this move clearly on the H1 chart below.

GBPCHF – My idea here was as follows:

Current Scenario – Based on the above mentioned analysis my view was bearish here and I was expecting the price to move lower after pullbacks. We had a small pullback and then the price moved lower and delivered around 200 pips move so far.

Ethereum – My idea here was as follows:

Current Scenario – My plan didn’t change in Ethereum that is until both the strong support zones holds my view remains bullish here.

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

Click To Join Our Community Telegram Group