Hi Traders! Weekly summary and review July 23rd, 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)
EURGBP – My idea here was “On the H4 chart, the price which is moving higher has created a bullish trend pattern in the form of three higher highs, higher lows, we may consider this as yet another evidence of bullish pressure. Generally, after a bullish trend pattern, we may expect corrections and then potential continuation higher. In addition to this, the ADX indicator gave a bullish signal here at the cross of +DI (green line) versus -DI (red line) and the main signal line (silver line) reads value over 25, we may consider this as yet another evidence of bullish pressure. Also, we had two strong resistance zones and the price which was moving higher has broken above both these zones and is holding above them. Currently these two strong resistance zones are acting as two strong support zones for us. Until both these support zones hold my view remains bullish here and I expect the price to move higher further”.
Current Scenario – Based on the above-mentioned analysis my view was bullish here and I was expecting the price to move higher further until both the strong support zones hold. Currently the price is holding in the second support zone, until this zone holds my bullish expectation still remains the same here.
Current Scenario – In Dollar Index the price moved exactly as per the plan. The validation for the short term bearish view which is a valid breakout below the low at 92.932 happened as I expected it to. The price then provided a pullback and then it moved lower further and reached the bottom of the range.
Bitcoin – My idea here was “On the H1 chart, after the strong bullish move currently it looks like a flat correction is happening. In addition to this, 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. Also, we had a strong resistance zone and the price which is moving higher has broken above this zone and is holding above it. And, also based on the Stochastic Oscillator we could see that the price has reached its extreme. We may consider these as evidences of bullish pressure and also currently there are no signs opposing this bullish view. So based on all this my view here is bullish and I expect the price to move higher further after this correction”.
Current Scenario – In Bitcoin the price action followed my analysis exactly as I expected it to. After the breakout of the strong resistance zone, we had a flat correction and then the price moved higher further and provided a nice move to the upside.
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To your success,
Certified Financial Technician