Weekly Summary And Review March 3rd 2023

Hi Traders! Arvinth here from the Home Trader Club team. The weekly summary and review of March 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)

Bitcoin – 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, the price moved lower broke 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”.

 

 

Current Scenario – In Bitcoin, on the H1 chart, my short-term view was bearish and I was expecting the price to move lower further until the two strong resistance zones hold. The price action followed my analysis exactly as I expected it to here. After the bearish trend pattern, the pullback that I was looking for happened with the price reaching the first strong resistance zone, respected it and moved lower from this zone. The price then moved lower further and delivered a fantastic move to the downside as you can see in the image below.

 

 

 

EURGBP – My idea here was “On the H4 chart, the price which was moving lower reached a key support zone. This key support zone is formed by the 100%(0.87530) Fibonacci expansion level of the big wave, the 61.8%(0.87461) Fibonacci expansion level of the small wave. The price respected this zone and bounced higher from this zone. Also, we could see that the price which was moving lower created a bullish divergence that has formed between the first low that has formed at 0.87832 and the second low that has formed at 0.87546 based on the MACD indicator. The price then moved higher and broke above the last high at 0.88352 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. Currently, it looks like a correction is happening. 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, currently, there are no signs opposing this bullish view. So based on all this, until the key support zone holds my short-term view remains bullish here and I expect the price to move higher further”.

 

 

Current Scenario – In EURGBP, I mentioned that until the key support zone holds my short-term view was bullish and I expect the price to move higher further. The price action is following the bullish expectations so far, my plan still remains the same here.

 

 

 

EURCHF – My idea here was “On the H4 chart too, we have a bullish rally and currently, it looks like this bullish rally is about to continue. 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. Also, the ADX indicator gave a bullish signal here as well at the cross of +DI (green line) versus -DI (red line) and the main signal line (silver line) reads a value over 25, we may consider this as yet another evidence of bullish pressure. In addition to this, currently, there are no signs opposing this bullish view here as well. So based on all this, until the strong support zone shown in the image below(marked in green) holds my short-term view remains bullish here and I expect the price to move higher further after pullbacks”.

 

 

Current Scenario – In EURCHF, currently it looks like a correction is happening. My plan still remains the same here, that is until the strong support zone holds my short-term view remains bullish here and I expect the price to move higher further after pullbacks.

 

 

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

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