Hi Traders! Arvinth here from the Home Trader Club team. The weekly summary and, review of May 26th 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)

Ethereum – My idea here was “On the H1 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. 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. 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. Currently, it looks like a correction is happening, also we had two strong resistance zones that have 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. So based on all this, until both these strong support zones shown in the image below(marked in green) hold my short-term view remains bullish here and I expect the price to move higher further after pullbacks”.

Current Scenario -In Ethereum,  based on the above-mentioned analysis my short term view was bullish until the two strong support zones hold. The price which was moving lower broke below the second strong support zone and currently it has moved back again and is holding above this zone. Until the second strong support zone holds my short term bullish view still remains the same here.

NZDJPY – My idea here was “On the H1 chart, 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 price which is moving lower has also broken below the most recent uptrend line which we may consider as another evidence of bearish pressure. Also, the price moved lower and has created lower lows based on the MACD indicator, which is another sign of gaining momentum toward the bearish side. In addition to this, 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 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 here as well and I expect the price to move lower further in the short term after pullbacks until the key resistance zone (marked in red) shown in the image below holds”.

Current Scenario – In NZDJPY, I was expecting the price to move lower further after pullbacks until the key resistance zone holds. We had a small pullback and then the price moved lower further as I expected it to and delivered around 80 pips move so far!

EURNZD – My idea here was “On the H1 chart, based on the Heikin Ashi candles we can see that currently, we have strong bullish bodies here as well in upward moving market conditions so it basically reflects a bullish environment. Also, 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 another evidence of bullish pressure. Generally, after a bullish trend pattern, we may expect corrections and then potential continuation higher. Currently, it looks like a correction is happening. Also, in addition to this, 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 value over 25, we may consider this as yet another evidence of bullish pressure. So everything looks good here for the bulls and until the strong support zone (marked in green) shown in the image below holds my short-term view remains bullish here and I expect the price to move higher further after pullbacks”.

Current Scenario – In EURNZD, I mentioned that until the strong support zone holds my short-term view was bullish and I expect the price to move higher further. The price action followed my analysis exactly as I expected it to. We had a small pullback and then the price moved higher and has delivered 140+ pips move so far!

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

Click To Join Our Community Telegram Group