Weekly Forex Reviews

Weekly Summary And Review August 13th 2021

Hi Traders! Weekly summary and review August 13th, 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.

Trading Ideas (Blog Posts)

CHFJPY – My idea here was “On the H1 chart, 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. We may consider this as an evidence supporting the bears. In addition to this, the price has created a bearish hidden divergence between the first high that has formed at 120.471 and the second high that has formed at 120.031 based on the MACD indicator, which we may consider as evidence of bearish pressure. Also, we had two strong support zones and the price which was moving lower has broken below these zones and holding below them. We may consider this as yet another evidence of bearish pressure. Currently these two strong support zones are acting as two strong resistance zones for us. Until both these resistance zones hold my short term view remains bearish here and I expect the price to move lower further”.
Current Scenario – Based on the above-mentioned analysis my short term view was bearish here and I was expecting the price to move lower further until the two strong resistance zones hold. The price respected the first resistance zone and moved lower as I expected it to and provided a nice move to the downside so far.

 

GBPAUD – My idea here was “On the H1 chart, we have a strong resistance zone that has formed and the price which was moving higher reached this zone, respected it and is bouncing lower from this zone. Then the price which was moving lower broke below the last low at 1.88402 thus creating lower lows based on the MACD indicator, which we may consider as evidence of bearish pressure. Currently it looks like the price is retesting this breakout. So everything looks good here for the bears and until the strong resistance zone holds my short term view remains bearish here and I expect the price to move lower towards the 61.8% or the 100% Fibonacci expansion level. We may then look for possible buy opportunities with bullish evidences”.
Current Scenario – On the H1 chart, my short term view was bearish and I was expecting the price to move lower further. The price action followed my analysis exactly as I expected it to here. After the breakout of the most recent low at 1.88402, we had a pullback and then the price moved lower further and has delivered around 100 pips move so far.

 

NZDCAD – My idea here was “On the H1 chart, after the strong bullish move we had a correction in the form of a range. This range is formed by the highs and lows reaching parallel support and resistance zones. The price which was respecting this range so far has broken above the top of it and is currently holding above it. We also had a bullish divergence that has formed between the first low that has formed at 0.87657 and the second low that has formed at 0.87627 based on the MACD indicator. Then the price moved higher and broke above the last high at 0.87977, we may consider these as evidences of bullish pressure. Currently it looks like a pullback is happening and the price is retesting this breakout and also there are no signs opposing this short term bullish view. Until the strong 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”.
Current Scenario – In this pair, the price is currently holding in the strong support zone, until this zone holds my bullish expectations 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)

For similar trade ideas and much more I invite you to join the Traders Academy 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!

 

To your success,

Vladimir Ribakov
Certified Financial Technician

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Vladimir Ribakov

Following 11+ years of trading experience, trading my own accounts as well as for hedge funds and brokerages, I have decided to fulfill my destiny and to personally mentor Forex and Commodities traders. When I released the “Broker Nightmare” (software that hides trades from brokers) 8 years ago, I found an overwhelming number of frustrated people who genuinely wanted to learn how to trade the Forex market, but instead found themselves scammed and misled. Over the years I have also release other trading systems based on my trading strategies, and met a lot of people on my worldwide Forex seminars. We’ve formed a close Forex community and we meet once or twice a year in various locations in Europe.

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