Hi Traders! Weekly Summary And Review March 19th, 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.
First, we will see the trade ideas that I shared in my blog:
Trading Ideas (Blog Posts)
NZDCAD – My idea here was “On the H4 chart, the price which is moving lower has created a bearish trend pattern in the form of three lower highs, lower lows and it looks like this bearish trend pattern has completed itself. Generally, after a bearish trend pattern, we may expect corrections and then further continuation lower. Currently, it looks like the correction that we are looking for is happening. While looking at the Stochastic Oscillator we could see that the price has reached its extreme which we may consider as evidence of bearish pressure. 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 another evidence of bearish pressure. Also, we have a strong support zone that has formed and the price which is moving lower has broken below this zone and is holding below it. Currently, this strong support zone is acting as a strong resistance zone for us. Until this strong resistance zone holds my view remains bearish here and I expect the price to continue lower further after correction”.
Current Scenario – On the H4 chart currently it looks like a flat correction is happening. Until the strong resistance zone holds my plan remains the same here that is to look for corrections and sells.
AUDNZD – My idea here was “On the H1 chart after the strong bearish move, currently, it looks like a correction is happening in the form of consolidation. While measuring the first wave inside this consolidation using the Fibonacci expansion tool we could see that the 61.8% (1.07686), 100% (1.07823) Fibonacci expansion levels of the first wave coincides with the top of the consolidation which makes this area a strong resistance zone. Until this strong resistance zone holds my view remains bearish here and if we get a valid breakout below the bottom of this consolidation we may consider it as a validation for the bearish view and may expect the price to move lower further”.Current Scenario – The price action didn’t follow my analysis here and this idea failed. My current view on this pair is neutral.
GBPNZD – My idea here was “Looking at the H4 chart we could see that the daily correction is happening in the form of a range. This range is formed by the highs and lows reaching parallel support and resistance zones. The price which is moving inside this range has reached a key support zone formed by the 100%(1.92155) Fibonacci expansion level of the first wave, the 100%(1.92247) Fibonacci expansion level of the second wave, and the bottom of this range. The price respected this key support zone and bounced higher from this zone. We also had a bullish divergence that has formed between the first low that has formed at 1.92323 and the second low that has formed at 1.92051 based on the MACD indicator which we may consider as evidence of bullish pressure. So until this key support zone holds my view remains bullish here and if we get a valid breakout above the top of this range, we may then consider it as a validation for the bullish view and may expect the price to move higher further”.
Current Scenario – The price action is following my analysis so far. The validation for the bullish view which is a valid breakout above the top of the range happened as I expected it to. My bullish view still remains the same here.
Trading Ideas (Trading View Posts)
USDCHF – My idea here was as follows:
Current Scenario – In this pair, the price action is following the bullish expectations, my plan still remains the same here.
GBPCHF – My idea here was as follows:
Current Scenario – On the H1 chart, the price bounced lower from the strong resistance zone and provided a short push to the downside delivering around 70 pips move. The price then moved higher and broke above the strong resistance zone but later it moved lower again and is currently holding below this strong resistance zone. Until this strong resistance zone holds my view still remains bearish here.
US Dollar Index – My idea here was as follows:
Current Scenario – The validation for the bullish view which is a valid breakout above the most recent downtrend line happened as I expected it to. My bullish view still remains the same here.
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To your success,
Certified Financial Technician