Hi Traders! Weekly summary and review December 3rd, 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 this week and how it has currently developed now.
Trading Ideas (Blog Posts)
EURAUD – My idea here was “Looking at the H1 chart, we could see that the price which is moving higher has created a bearish divergence between the first high that has formed at 1.59119 and the second high that has formed at 1.59704 based on the MACD indicator, which we may consider as evidence of bearish pressure. Also, based on the Stochastic Oscillator we could see that the price has reached it’s extreme here as well, which we may consider as yet another evidence of bearish pressure. In addition to this, currently there are no signs opposing this short term bearish view. So based on all this, until the key resistance zone shown in the image below (marked in red) holds my short term view remains bearish 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. The short term bearish move happened exactly as I expected it to here, the price respected the strong resistance zone and then it moved lower delivering around 150 pips move before the price moved higher again.
You can see this move clearly on the M15 chart below.
GBPNZD – My idea here was “On the the H1 chart, we could see that the price which is moving higher has created a bearish divergence between the first high that has formed at 1.96066 and the second high that has formed at 1.96322 based on the MACD indicator, which we may consider as evidence of bearish pressure. The price then moved lower and broke below the last low at 1.94836 thus creating lower lows, which we may consider as another evidence of bearish pressure. Also, we should note that the price which was creating series of higher highs, higher lows structure so far in recent times has created lower lows for the first time which we may consider as another sign favoring the bears. So basically, I expect the price to move lower further in the short term here until the strong resistance zone (marked in red) holds”.
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 strong resistance zone holds. The price which is moving higher has currently reached the strong resistance zone. Until this strong resistance zone holds my short term bearish view still remains the same here.
Dax – My idea here was “Looking at the H1 chart, we could see that currently it looks like a correction is happening in the form of an ABCD pattern. While measuring the first wave of this correction using the Fibonacci expansion tool we have two key resistance zones that has formed. The first key resistance zone is formed by the 61.8%(15504.50) Fibonacci expansion level of the first wave and the H4 resistance zone. The second key resistance zone is formed by the 100%(15733.33) Fibonacci expansion level of the first wave and the H4 resistance zone. Until both these key resistance zones hold my view remains bearish here and I expect the price to move lower further”.
Current Scenario – My plan didn’t change here, that is until the key resistance zones hold my short term view here is bearish and I expect the price to move lower further.
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To your success,
Vladimir Ribakov
Certified Financial Technician
