Weekly Summary And Review May 12th 2023

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Weekly Summary And Review May 12th 2023

Hi Traders! Arvinth here from the Home Trader Club team. The weekly summary and, review of May 12th 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)

EURCAD – My idea here was “On the H4 chart, currently, we have a strong bearish momentum and the price which is moving lower has broken below a strong support zone and is holding below it, we may consider this as evidence of bearish pressure. After the breakout, this strong support zone is acting as a strong resistance zone for us. Also, the price moved lower and has broken below the last low at 1.48403 and created lower lows based on the MACD indicator, which is another sign of gaining momentum toward the bearish side. Also, based on the Heikin Ashi candles we can see that currently, we have strong bearish bodies in downward moving market conditions so it basically reflects a bearish environment. In addition to this, the ADX indicator gave a bearish signal here at the cross of -DI (red line) versus +DI (green line) and the main signal line (silver line) reads value over 25 which we may consider as yet another evidence of bearish pressure. So the bottom line here is that, everything looks good here for the bears and I expect the price to move lower further in the short term after pullbacks until the strong resistance zone (marked in red) shown in the image below holds”.

 

Weekly Summary And Review May 12th 2023

 

Current Scenario – My plan didn’t change here in EURCAD, that is until the strong resistance zone (marked in red) shown in the image below holds my short-term view still remains bearish here and I expect the price to move lower further after pullbacks.

 

Weekly Summary And Review May 12th 2023

 

 

UK100 – 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, 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. So the bottom line here is that the H4 chart has evidences supporting the bearish view. Until the 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 after pullbacks”.

 

Weekly Summary And Review May 12th 2023

 

Current Scenario – In UK100 based on the above-mentioned analysis 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, we had a pullback 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 nice move to the downside so far!

 

Weekly Summary And Review May 12th 2023

 

You can see this move clearly on the H1 chart below.

 

Weekly Summary And Review May 12th 2023

 

 

GBPCAD – My idea here was “On the H1 chart, based on the Heikin Ashi candles we can see that currently, we have strong bearish bodies here as well in downward-moving market conditions so it basically reflects a bearish environment. In addition to this, 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 after pullbacks”.

 

Weekly Summary And Review May 12th 2023

 

Current Scenario – In GBPCAD, the price action is following the short term bearish expectations so far. My plan still remains the same here.

 

Weekly Summary And Review May 12th 2023

 

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

For similar trade ideas and much more I invite you to join the Home Trader Club and improve your trading with us.

You will also find a pretty extensive database of educational materials here in the blog – just use the search or check out the Forex Education section above.

 

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

 

Happy Trading!

Arvinth Akash
Home Trader Club Team.

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