Hi Traders! Weekly summary and review June 18th, 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)
EURAUD – My idea here was as follows “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 evidence of bullish pressure. Generally, after a bullish trend pattern, we may expect corrections and then potential continuation higher. Currently, it looks like the correction has happened in the form of double wave down. We also have a bullish divergence that has formed between the first low that has formed at 1.56659 and the second low that has formed at 1.56586 based on the MACD indicator, which we may consider as evidence of bullish pressure. In addition to this the price which is moving higher has currently broken above the most recent downtrend line which we may consider as yet another evidence of bullish pressure. Until the strong support zone shown in the image below holds my view remains bullish here and I expect the price to move higher further in the short term”.
Current Scenario – Based on the above-mentioned analysis my short term view was bullish here and I was expecting the price to move higher further until the strong support zone holds. The price action followed my analysis here exactly as I expected it to. After the breakout of the most recent downtrend line, we had a pullback but the price was holding above the strong support zone. The price then moved higher delivering around 150 pips move so far.
CHFJPY – 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, 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. Also, the ADX indicator gave a bearish signal here as well at the cross of -DI (red line) versus +DI (green line), and the main signal line (silver line) reads value over 25, we may consider this as yet another evidence of bearish pressure. Until the strong resistance zone (marked in blue) shown in the image below holds my view remains bearish here and I expect the price to move lower further”.Current Scenario – In this pair my view was bearish and I was expecting the price to move lower further. The price moved lower directly here without pullbacks delivering around 140 pips move so far.
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To your success,
Certified Financial Technician