Weekly Summary And Review August 30th 2021

Hi Traders! Weekly summary and review August 30th, 2021 is here. It is now time to recap and summarize the trade setups that we had during the past week. Below you will find the short explanation of all the trade setups we had in the past week and how it has currently developed now.

Trading Ideas (Blog Posts)

Ripple – My idea here was “On the daily chart, we had a bullish momentum with the price creating the first leg to the upside. Currently this bullish momentum is slowing down and I basically expect a possible correction to happen now and then the price might continue higher further. Also, the price which was moving higher has broken above a strong resistance zone and is holding above it. So basically, I expect the price to retest this breakout zone before any possible continuation higher.
In my POV, there are two possible scenarios here, the correction might happen in the form of a triangle pattern and then the price might continue higher further.
Or alternatively, the correction might happen in the form of double wave down towards the strong support zone and then the price might continue higher further from this zone. In either ways my short term view is bearish and my mid term view is bullish here”.

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 towards the strong support zone. The price action followed my analysis exactly as I expected it to here. The price moved lower further as per the plan and provided an amazing move to the downside and reached the strong support zone.

You can find a detailed explanation regarding this here: Ripple Short Term Forecast Update And Follow Up

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)

 

To your success,

Vladimir Ribakov
Certified Financial Technician