Weekly Summary And Review July 9th 2021

Hi Traders! Weekly summary and review July 9th, 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)

NZDUSD – My ideas here was “On the H4 chart the price which was moving lower has created a bearish trend pattern in the form of three lower highs, lower lows which we may consider as evidence of bearish pressure. Generally, after a bearish trend pattern, we may expect corrections and then further continuation lower. Currently it looks like a correction is happening. Also, while measuring the first wave of this correction using the Fibonacci expansion tool, we could see that the 100%(0.71188) Fibonacci expansion level of this first wave coincides with a strong resistance zone which makes this a key resistance zone for us. Also, we could see that the 161.8%(0.72248) Fibonacci expansion level of this first wave and the daily downtrend line coincides with the second resistance zone which makes this area a second key resistance zone for us. Until both these key resistance zones hold my view remains bearish here and I expect the price to move lower further”.
Current Scenario – On the H4 chart my view was bearish and I was expecting the price to move lower further until the key resistance zones hold. The price action followed my analysis exactly as I expected it to here. The price which was moving higher reached the first key resistance zone, respected it and moved lower from this zone. The price then moved lower further as I expected it to and delivered 180+ pips move so far.

You can find a detailed explanation regarding this here

NZDJPY – My idea here was “On the H4 chart, the price which was moving lower has created a bearish trend pattern in the form of three lower highs, lower lows which we may consider as evidence of bearish pressure. Generally, after a bearish trend pattern, we may expect corrections and then further continuation lower. Currently it looks like a correction is happening. Also, while measuring the first wave of this correction using the Fibonacci expansion tool, we could see that the 100%(78.484) Fibonacci expansion level of this first wave coincides with a strong resistance zone which makes this area a key resistance zone for us. The price reached this key resistance zone, respected it and is moving lower from this zone. We also have a bearish divergence that has formed between the first high that has formed at 78.475 and the second high that has formed at 78.764 based on the MACD indicator. The price then moved lower and broke below the most recent uptrend line and currently it looks like a pullback is happening. We may consider these as other evidences of bearish pressure. Until the key resistance zone holds my view remains bearish here and if we get a valid breakout below the low at 77.323 we may then consider it as a validation for the bearish view and may expect the price to continue lower further”.
Current Scenario – In this pair the validation for the bearish view which is a valid breakout below the low at 77.323 happened as I expected it to. The price then moved lower further and delivered 130+ pips move so far.

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NZDCAD – My idea here was “On the H4 chart, we have a bullish divergence that has formed between the first low that has formed at 0.86305 and the second low that has formed at 0.85990 based on the MACD indicator. Then the price moved higher and broke above the high at 0.87484 creating higher highs, thus forming a classical setup of bullish divergence followed by bullish convergence. Hence as per the book scenario, after a bullish convergence, we may look for corrections to happen and then further continuation to the upside. Also we could see that 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 evidence of bullish pressure. Generally, after a bullish trend pattern, we may expect corrections and then potential continuation higher. Currently, it looks like a correction is happening and until the strong support zone shown in the image below(marked in blue) holds my view remains bullish here and I expect the price to move higher further. Alternatively if the price moves lower and if we get a valid breakout below the low at 0.85990 then this bullish view will be invalidated”.

Current Scenario – Based on the above-mentioned analysis my was bullish here and I was expecting the price to move higher further until the strong support zone holds. My plan 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)

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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.