Weekly Summary And Review March 7th 2022

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Weekly Summary And Review March 7th 2022

Hi Traders! Arvinth here from Traders Academy Club team. Weekly summary and review March 7th, 2022 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 this week and how it has currently developed now.

Trading Ideas (Blog Posts)

CADJPY – My idea here was “Looking at the H4 chart, we could see that the price which is moving lower has reached a key support zone formed by the 100% (89.101) Fibonacci expansion level of the first wave and the bottom of the range. The price respected this zone and is currently bouncing higher from this zone. Also, the price which was moving lower created a bullish divergence that has formed between the first low that has formed at 89.934 and the second low that has formed at 89.380 based on the MACD indicator. Then the price moved higher and broke above the last high at 90.757 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. Until the key support zone (marked in blue) shown in the image below holds my short term view remains bullish here and I expect the price to move higher further”.
Weekly Summary And Review March 7th 2022
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. The price action followed my analysis exactly as I expected it to here and it moved higher further delivering 200+ pips move!
Weekly Summary And Review March 7th 2022

 

Bitcoin – My idea here was “On the H4 chart, 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 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. 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 another evidence of bullish pressure. Also, we had two strong resistance zones that has formed and the price which was moving higher has broken above these zones and is holding above them. After the breakout these strong resistance zones are acting as two strong support zones for us. Until both these strong support zones hold my short term view remains bullish here and I expect the price to move higher further”.
Weekly Summary And Review March 7th 2022
Current Scenario – In Bitcoin, my view was bullish and I was expecting the price to move higher further in the short term until the two strong support zones hold. The price which was moving lower has broken below the second strong support and then currently the price has moved back inside this zone. Until this strong support zone holds my short term bullish view still remains the same here.
Weekly Summary And Review March 7th 2022

 

GBPCHF – My idea here was “Looking at the H1 chart, we could see that the price which was moving lower has reached a strong support zone, respected it and bounced higher from this zone. Also, the price which was moving lower created a bullish divergence that has formed between the first low that has formed at 1.22193 and the second low that has formed at 1.21961 based on the MACD indicator. Then the price moved higher and broke above the last high at 1.22608 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. Also, the price which is currently moving lower has created a bullish hidden divergence that has formed between the first low that has formed at 1.21961 and the second low that has formed at 1.22901 based on the MACD indicator which we may consider as evidence of bullish pressure. So based on all this, my short expectation is bullish and my mid term expectation is bearish here”.
Weekly Summary And Review March 7th 2022
Current Scenario – In GBPCHF my short term view was bullish and my mid term view was bearish. The short term bullish move that I was looking for didn’t happen here and the price moved lower directly providing the mid term bearish move and has delivered a nice move to the downside so far.
Weekly Summary And Review March 7th 2022

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If you have any further questions, don’t hesitate to drop a comment below!

 

Happy Trading!

Arvinth Akash
Traders Academy Club Team.

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