Weekly Summary And Review February 3rd 2023

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Weekly Summary And Review February 3rd 2023

Hi Traders! Arvinth here from the Home Trader Club team. The weekly summary and review of February 3rd 2023 is here. It is now time to recap and summarize the trade setups that we had during this week. Below you will find a short explanation of all the trade setups we had this week and how it has currently developed now.

Trading Ideas (Blog Posts)

EURCAD – 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, and lower lows which we may consider as evidence of bearish pressure. Generally, after a bearish trend pattern, we may expect corrections and then a further continuation lower. Currently, it looks like a correction is happening. Also, we had two strong support zones that have formed and the price which was moving lower has broken below these zones and is holding below them, we may consider this as yet another evidence of bearish pressure. Currently, these strong support zones are acting as strong resistance zones for us. Until these two strong resistance zones (marked in red) shown in the image below hold, my short-term view remains bearish here. A valid breakout below the most recent uptrend line would be the validation for this short-term bearish view”.

 

Weekly Summary And Review February 3rd 2023

 

Current Scenario – In this pair, the price action followed my analysis exactly as I expected it to. The price reached the first strong resistance zone, respected it and bounced lower from this zone. Also, the validation for the short-term bearish view which is a valid breakout below the most recent uptrend line happened as per the plan, moved lower further, and delivered a nice move to the downside as you can see in the image below. The price then moved higher reached the second strong resistance zone, respected it and bounced lower from this zone, delivering 130+ pips move so far!

 

Weekly Summary And Review February 3rd 2023

 

 

AUDCAD – 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, and lower lows which we may consider as evidence of bearish pressure. Generally, after a bearish trend pattern, we may expect corrections and then a further continuation lower. Currently, it looks like a correction is happening. 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 a value over 25 which we may consider as yet another evidence of bearish pressure. Also, we had two strong support zones that have formed and the price which was moving lower has broken below these zones and is holding below them, we may consider this as yet another evidence of bearish pressure. Currently, these strong support zones are acting as strong resistance zones for us. Until these two strong resistance zones (marked in red) shown in the image below hold, my short-term view remains bearish here and I expect the price to move lower further after pullbacks”.

 

Weekly Summary And Review February 3rd 2023

 

 

Current Scenario – In AUDCAD the short-term bearish move happened as per the plan. The price which was moving higher reached the second strong resistance zone, respected it and bounced lower from this zone, delivering around 140 pips move to the downside so far!

 

 

 

Ethereum – My idea here was “On the H1 chart, based on the Heikin Ashi candles we can see that currently, we have strong bullish bodies in upward-moving market conditions so it basically reflects a bullish environment. In addition to this, we could see that the price which was moving higher has created higher highs based on the MACD indicator, which is a sign of gaining momentum towards the bullish side. Currently, it looks like a correction is happening, also we had two strong resistance zones that have formed and the price which was moving higher has broken above these zones and is holding above them. After the breakout, these strong resistance zones are acting as two strong support zones for us. So based on all this, until both these strong support zones shown in the image below(marked in green) hold my short-term view remains bullish here and I expect the price to move higher further after pullbacks”.

 

Weekly Summary And Review February 3rd 2023

 

Current Scenario – In Ethereum my short-term view was bullish and I was expecting the price to move higher further until the strong support zones hold. My plan still remains the same here.

 

Weekly Summary And Review February 3rd 2023

 

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

For similar trade ideas and much more I invite you to join the Home Trader 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!

 

Happy Trading!

Arvinth Akash
Home Trader Club Team.

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