Weekly Summary And Review November 12th 2021

Hi Traders! Weekly summary and review November 12th, 2021 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)

EURNZD – My idea here was “Looking at the H4 chart, we could see that the price which was moving higher has created a bearish divergence between the first high that has formed at 1.63186 and the second high that has formed at 1.63259 based on the MACD indicator. The price then moved lower and broke below the last low at 1.61778 thus forming a classical setup of bearish divergence followed by bearish convergence, we may consider these as evidences of bearish pressure. Generally, after a bearish convergence we may look for corrections and then further continuation lower. Currently, it looks like a correction is happening. In addition to this, based on the Stochastic Oscillator we could see that the price has reached its extreme which we may consider as yet another evidence of bearish pressure. Until the strong resistance zone shown in the image below holds my short term view remains bearish here and I expect the price to move lower further”.
Current 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 strong resistance zone holds. The price which was moving higher has currently reached the strong resistance zone, and is holding in this zone. Until this strong resistance zone holds my short term bearish view still remains the same here.

 

EURGBP – 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, the price which was moving higher has broken above the last high at 0.85135 thus creating higher highs based on the MACD indicator, which we may consider as another evidence of bullish pressure. Also, we could see that 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 yet 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. We also 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 view remains bullish here and I expect the price to move higher further”.
Current Scenario – My plan still remains the same here that is until the two key support zones hold my view here is bullish and I expect the price to move higher further.

 

USDCHF – My idea here was “On the H4 chart, the price which was moving lower created a bullish divergence which has formed between the first low at 0.91022 and the second low at 0.90847 based on the MACD indicator. The price then moved higher and broke above the last high at 0.91753 thus creating higher highs. Also, we should note that the price which was in a bearish trend so far creating series of lower highs, lower lows has created higher highs for the first time in a while which we may consider as sign of a possible trend change. We may consider these as evidences of bullish pressure. 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. Until the strong 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”.
Current Scenario – In this pair the price is following the bullish expectation so far, until the strong support zone holds my bullish view still remains the same here.
Note: You can follow me here on Trading View and also on my blog to get similar ideas on daily basis)

 

To your success,

Vladimir Ribakov
Certified Financial Technician

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