Weekly Summary And Review May 6th 2022

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Weekly Summary And Review May 6th 2022

Hi Traders! Arvinth here from Traders Academy Club team. Weekly summary and review May 6th, 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)

EURGBP – My idea here was “On the H4 chart the price which was moving higher has created a bullish trend pattern in the form of three higher highs, higher lows, we may consider this as evidence of bullish pressure. Generally, after a bullish trend pattern, we may expect corrections and then potential continuation higher. Currently, it looks like a flat correction is happening in the form of a range and the price which is moving lower has reached a key support zone. This key support zone is formed by the 100%(0.83756) Fibonacci expansion level of the first wave, the 61.8%(0.83590) Fibonacci expansion level of the second wave and the bottom of the range. We also have a bullish hidden divergence that has formed between the first low that has formed at 0.82497 and the second low that has formed at 0.83824 based on the MACD indicator followed by a continuing bullish divergence, we may consider this as evidence of bullish pressure. Until the key support zone holds my view remains bullish here. A valid breakout above the top of the range would be the validation for this bullish view”.
Weekly Summary And Review May 6th 2022
Current Scenario – The validation for the bullish view which is a valid breakout above the top of the range happened here as per the plan. We then had a pullback and then the price moved higher further delivering 180+ pips move so far.
Weekly Summary And Review May 6th 2022

 

 

EURNZD – My idea here was “Looking at the H4 chart, we could see that the price which is moving higher has reached a key resistance zone formed by the 161.8%(1.63312) Fibonacci expansion level of the first wave and the 61.8%(1.64883) Fibonacci expansion level of the second wave. In addition to this, we have a bearish divergence that has formed between the first high that has formed at 1.63562 and the second high that has formed at 1.64027 based on the MACD indicator which we may consider as evidence of bearish pressure. So everything looks good here for the bears and until the key resistance zone holds my short term view remains bearish here and I expect the price to move lower further”.
Weekly Summary And Review May 6th 2022Current Scenario – Based on the above-mentioned analysis my short term view was bearish here and I was expecting the price to move lower further until the key resistance zone holds. The price action followed my analysis exactly as I expected it to here and it moved lower further and delivered around 250 pips move before the price moved higher again.
Weekly Summary And Review May 6th 2022

 

 

AUDCAD – My idea here was “On the H1 chart, we have a bullish rally and currently it looks like this bullish rally is about to continue itself. 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, the price which was 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. In addition to this, 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. Currently, it looks like a correction is happening, 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 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 May 6th 2022
Current Scenario – In this pair, my view was bullish and I was expecting the price to move higher further until the two strong support zones hold. The price action followed my analysis exactly as I expected it to here. After the bullish trend pattern the pullback that I was looking for happened with the price reaching the second strong support zone, respected it and bounced higher from this zone delivering 60+ pips move so far.
Weekly Summary And Review May 6th 2022
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 Traders Academy 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
Traders Academy Club Team.

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